BlackBerry Receives “Positive” Rating from TheStreet (BBRY)
BlackBerry (NASDAQ:BBRY)‘s stock had its “positive” rating reaffirmed by analysts at TheStreet in a research report issued to clients and investors on Wednesday. They currently have a $11.31 target price on the stock. TheStreet’s target price points to a potential upside of 13.44% from the company’s current price.
The analysts wrote, ” TheStreet Ratings team reiterates its “sell” rating on BlackBerry (BBRY) with a ratings score of D. The stock was down 1.74% to $11.31 at 3:08 p.m. on Monday.
TheStreet Ratings Team has this to say about their recommendation:
“We rate BLACKBERRY LTD (BBRY) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company’s weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, disappointing return on equity and weak operating cash flow.”
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BBRY has been the subject of a number of other recent research reports. Analysts at Macquarie reiterated an “underperform” rating on shares of BlackBerry in a research note on Wednesday, June 25th. They now have a $7.25 price target on the stock, up previously from $7.07. Separately, analysts at Citigroup Inc. raised their price target on shares of BlackBerry from $6.00 to $10.00 in a research note on Monday, June 23rd. They now have an “equal weight” rating on the stock. Finally, analysts at Evercore Partners upgraded shares of BlackBerry from an “underweight” rating to an “equal weight” rating in a research note on Monday, June 23rd. They now have a $10.00 price target on the stock, up previously from $6.00. Eight equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and five have given a buy rating to the stock. BlackBerry currently has a consensus rating of “Hold” and a consensus price target of $8.81.
Shares of BlackBerry (NASDAQ:BBRY) traded down 11.77% during mid-day trading on Wednesday, hitting $9.97. The stock had a trading volume of 47,440,740 shares. BlackBerry has a 52-week low of $5.44 and a 52-week high of $12.18. The stock has a 50-day moving average of $9.19 and a 200-day moving average of $8.7. The company’s market cap is $5.178 billion. BlackBerry also was the recipient of a significant drop in short interest during the month of June. As of June 30th, there was short interest totalling 93,661,383 shares, a drop of 3.8% from the June 13th total of 97,399,783 shares. Based on an average daily volume of 28,106,667 shares, the short-interest ratio is presently 3.3 days. Currently, 19.2% of the company’s shares are short sold.
BlackBerry (NASDAQ:BBRY) last posted its quarterly earnings results on Thursday, June 19th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.63 by $0.74. The company had revenue of $966.00 million for the quarter, compared to the consensus estimate of $976.25 million. During the same quarter in the previous year, the company posted ($0.13) earnings per share. The company’s revenue for the quarter was down 68.5% on a year-over-year basis. On average, analysts predict that BlackBerry will post $-0.61 earnings per share for the current fiscal year.
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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