BlackBerry Upgraded to Market Perform at Oppenheimer (BBRY)

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BlackBerry (NASDAQ:BBRY) was upgraded by investment analysts at Oppenheimer from an “underperform” rating to a “market perform” rating in a note issued to investors on Monday, TheFlyOnTheWall.com reports. The firm currently has a $7.00 target price on the stock. Oppenheimer’s price objective points to a potential downside of 3.85% from the stock’s previous close. The analysts noted that the move was a valuation call.

Shares of BlackBerry (NASDAQ:BBRY) traded up 0.69% during mid-day trading on Monday, hitting $7.33. 5,769,518 shares of the company’s stock traded hands. BlackBerry has a 52-week low of $5.44 and a 52-week high of $16.59. The stock’s 50-day moving average is $8. and its 200-day moving average is $8.12. The company’s market cap is $3.803 billion. BlackBerry also was the recipient of a significant increase in short interest during the month of April. As of April 15th, there was short interest totalling 102,472,527 shares, an increase of 3.2% from the March 31st total of 99,334,950 shares. Based on an average daily trading volume, of 14,416,467 shares, the days-to-cover ratio is currently 7.1 days. Approximately 21.0% of the shares of the stock are sold short.

BlackBerry (NASDAQ:BBRY) last issued its quarterly earnings data on Friday, March 28th. The company reported ($0.08) earnings per share for the quarter, beating the analysts’ 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 last year, the company posted $0.22 earnings per share. BlackBerry’s revenue was down 63.6% compared to the same quarter last year. Analysts expect that BlackBerry will post $-0.97 EPS for the current fiscal year.

Other equities research analysts have also recently issued reports about the stock. Analysts at Zacks reiterated a “neutral” rating on shares of BlackBerry in a research note on Friday. They now have a $7.75 price target on the stock. Separately, analysts at Nomura raised their price target on shares of BlackBerry from $7.00 to $9.00 in a research note on Monday, March 31st. They now have a “hold” rating on the stock. Finally, analysts at Needham & Company LLC upgraded shares of BlackBerry from an “underperform” rating to a “hold” rating in a research note on Monday, March 31st. Eleven research analysts have rated the stock with a sell rating, eighteen have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $8.40.

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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