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Morgan Stanley assumed coverage on shares of BlackBerry (NASDAQ:BBRY) in a research note issued on Wednesday. The firm set an “equal weight” rating on the stock.

The analysts wrote, “We are skeptical… The company faces an uphill battle to regain the market position it once had.” As the company moves forward, Faucette noted that BlackBerry’s new CEO John Chen plans to transition the company into a software-centric company. To fund the transition, Faucette noted, BlackBerry is raising cash through a $1.25 billion convertible offering, $0.5 billion in expected tax returns and $300 million other asset sales To conclude, Faucette acknowledged that he is slightly above consensus, due to his conviction that Chen will “aggressively”

BlackBerry (NASDAQ:BBRY) opened at 8.05 on Wednesday. BlackBerry has a 1-year low of $5.44 and a 1-year high of $15.09. The stock has a 50-day moving average of $7.58 and a 200-day moving average of $8.21. The company’s market cap is $4.177 billion.

BlackBerry (NASDAQ:BBRY) last posted its quarterly earnings results on Friday, March 28th. The company reported ($0.08) EPS for the quarter, beating the Thomson Reuters consensus estimate of ($0.57) by $0.49. The company had revenue of $976.00 million for the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter in the prior year, the company posted $0.22 earnings per share. The company’s quarterly revenue was down 63.6% on a year-over-year basis. On average, analysts predict that BlackBerry will post $-0.91 earnings per share for the current fiscal year.

Several other analysts have also recently commented on the stock. Analysts at Cowen and Company reiterated a “neutral” rating on shares of BlackBerry in a research note on Wednesday. Separately, analysts at Oppenheimer upgraded shares of BlackBerry from an “underperform” rating to a “market perform” rating in a research note on Tuesday, May 6th. Finally, analysts at Oppenheimer upgraded shares of BlackBerry from an “underperform” rating to a “market perform” rating in a research note on Monday, April 28th. They now have a $7.00 price target on the stock. They noted that the move was a valuation call. Eleven research analysts have rated the stock with a sell rating, nineteen have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $8.45.

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

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