BlackBerry Ltd. (BBRY) Upgraded by Zacks Investment Research to Buy
Zacks Investment Research upgraded shares of BlackBerry Ltd. (NASDAQ:BBRY) from a hold rating to a buy rating in a report published on Monday. They currently have $9.00 target price on the smartphone producer’s stock.
According to Zacks, “BlackBerry's second-quarter fiscal 2017 loss (on an adjusted basis) of $0.03 per share was narrower than the Zacks Consensus Estimate of a loss of $0.10. The company intends to end all internal hardware development and outsource the same to its partners. In a bid to boost the software business, the company announced a software licensing agreement with newly formed joint venture, PT BB Merah Putih. We are positive on the company's decision to discontinue internal hardware development and focus exclusively on the software business. Declining smartphone sales had been hurting the company for quite some time. Nonetheless, BlackBerry is on track to achieve 30% growth in software and service revenues. The company expects its bottom line in the range of a breakeven to a loss of $0.05 per share in fiscal 2017. The earlier outlook had hinted at a loss of $0.15 per share.”
Other equities analysts have also recently issued reports about the stock. RBC Capital Markets restated a sector perform rating and set a $9.00 price objective on shares of BlackBerry in a research report on Wednesday, July 20th. Imperial Capital restated an in-line rating and set a $7.00 price objective on shares of BlackBerry in a research report on Tuesday, June 28th. MKM Partners restated a hold rating on shares of BlackBerry in a research report on Sunday, June 26th. Vetr cut shares of BlackBerry from a strong-buy rating to a buy rating and set a $8.48 price objective for the company. in a research report on Monday. Finally, Wells Fargo & Co. restated a market perform rating and set a $7.62 price objective on shares of BlackBerry in a research report on Monday, June 13th. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus target price of $7.92.
BlackBerry (NASDAQ:BBRY) traded down 1.083% during trading on Monday, hitting $7.765. 673,795 shares of the company were exchanged. The stock’s 50-day moving average is $7.79 and its 200-day moving average is $7.29. The company’s market capitalization is $4.07 billion. BlackBerry has a 12 month low of $6.23 and a 12 month high of $9.46.
BlackBerry (NASDAQ:BBRY) last posted its quarterly earnings data on Wednesday, September 28th. The smartphone producer reported ($0.03) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.05) by $0.02. The company earned $352 million during the quarter. BlackBerry had a negative net margin of 78.41% and a negative return on equity of 3.36%. The business’s revenue was down 28.2% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.13) earnings per share. Equities research analysts anticipate that BlackBerry will post ($0.03) earnings per share for the current year.
Several institutional investors have recently made changes to their positions in BBRY. Bank of Montreal Can acquired a new position in shares of BlackBerry during the second quarter worth approximately $32,778,000. Societe Generale acquired a new position in shares of BlackBerry during the second quarter worth approximately $2,013,000. GMT Capital Corp acquired a new position in shares of BlackBerry during the second quarter worth approximately $393,000. Norges Bank acquired a new position in shares of BlackBerry during the fourth quarter worth approximately $41,371,000. Finally, Greylin Investment Mangement Inc. boosted its position in shares of BlackBerry by 137.9% in the second quarter. Greylin Investment Mangement Inc. now owns 86,300 shares of the smartphone producer’s stock worth $579,000 after buying an additional 50,025 shares during the last quarter. 57.99% of the stock is currently owned by institutional investors and hedge funds.
BlackBerry Limited (BlackBerry) provides mobile communications solutions. The Company is engaged in the sale of smartphones and enterprise software and services. The Company’s products and services include Enterprise Solutions and Services, Devices, BlackBerry Technology Solutions and Messaging. It is engaged in providing enterprise mobility management (EMM) and mobile security, and offers a portfolio of enterprise software solutions and services that can be deployed across a range of ecosystems and devices, including BlackBerry Enterprise Service (BES) 12 and Good Platforms, BES12 Cloud, enterprise file-sync-and-share (EFSS), SecuSUITE for Enterprise, Enhanced subscriber identity module (SIM)-Based Licensing (ESBL), WorkLife by BlackBerry solution and Professional Cybersecurity Services.
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