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BlackBerry (NASDAQ:BBRY) was upgraded by research analysts at Sanford C. Bernstein from an “underperform” rating to a “market perform” rating in a report released on Monday, reports. The firm currently has a $5.50 target price on the stock, up from their previous target price of $4.50. Sanford C. Bernstein’s price target would indicate a potential downside of 11.22% from the stock’s previous close.

The analysts wrote, “mobile gateway” for corporate clients. Bernstein commented that there is no rush to cover short positions as FY3Q results are expected to fall below expectations and doesn’t expect a “reassuring strategic announcement.”

BBRY has been the subject of a number of other recent research reports. Analysts at Citigroup Inc. initiated coverage on shares of BlackBerry in a research note to investors on Tuesday, December 10th. They set a “sell” rating and a $4.00 price target on the stock. Separately, analysts at Wells Fargo & Co. reiterated a “market perform” rating on shares of BlackBerry in a research note to investors on Friday, December 6th. Finally, analysts at UBS AG downgraded shares of BlackBerry from a “neutral” rating to an “underperform” rating in a research note to investors on Friday, November 15th. They now have a $5.50 price target on the stock, down previously from $7.00. Fourteen equities research analysts have rated the stock with a sell rating, twenty-three have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $7.60.

Shares of BlackBerry (NASDAQ:BBRY) traded up 1.89% on Monday, hitting $6.195. 16,825,000 shares of the company’s stock traded hands. BlackBerry has a 52-week low of $5.44 and a 52-week high of $18.32. The stock’s 50-day moving average is $6.57 and its 200-day moving average is $9.44. The company’s market cap is $3.188 billion.

BlackBerry (NASDAQ:BBRY) last released its earnings data on Friday, September 27th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.15) by $0.32. The company had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.63 billion. The company’s revenue for the quarter was down 45.0% on a year-over-year basis. On average, analysts predict that BlackBerry will post $-1.36 earnings per share for the current fiscal year.

Research In Motion Limited is a designer, manufacturer, and marketer of wireless solutions for the worldwide mobile communications market.

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