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. The firm currently has $9.00 price target 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.”
A number of other equities research analysts have also recently issued reports on BBRY. Wells Fargo & Co. reissued a market perform rating and set a $7.62 target price on shares of BlackBerry in a report on Monday, June 13th. Imperial Capital lowered their target price on shares of BlackBerry from $7.50 to $7.00 and set an in-line rating on the stock in a report on Thursday, June 16th. Credit Suisse Group AG reissued a sell rating on shares of BlackBerry in a report on Friday, June 17th. Royal Bank Of Canada restated a sector perform rating and set a $7.00 price target (down from $8.00) on shares of BlackBerry in a research report on Tuesday, June 21st. Finally, BMO Capital Markets restated a hold rating and set a $8.00 price target on shares of BlackBerry in a research report on Wednesday, June 22nd. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and four have issued a buy rating to the company. BlackBerry presently has a consensus rating of Hold and a consensus price target of $7.92.
Shares of BlackBerry (NASDAQ:BBRY) traded down 1.083% on Monday, hitting $7.765. The stock had a trading volume of 673,795 shares. The firm has a 50-day moving average of $7.79 and a 200 day moving average of $7.29. BlackBerry has a 1-year low of $6.23 and a 1-year high of $9.46. The company’s market capitalization is $4.07 billion.
BlackBerry (NASDAQ:BBRY) last issued its earnings results on Wednesday, September 28th. The smartphone producer reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. BlackBerry had a negative net margin of 78.41% and a negative return on equity of 3.36%. The business had revenue of $352 million for the quarter. During the same period in the previous year, the firm earned ($0.13) EPS. The company’s revenue was down 28.2% compared to the same quarter last year. On average, equities analysts anticipate that BlackBerry will post ($0.03) earnings per share for the current fiscal year.
Several institutional investors have recently modified their holdings of the company. Bank of Montreal Can acquired a new position in shares of BlackBerry during the second quarter worth approximately $32,778,000. Norges Bank purchased a new position in BlackBerry during the fourth quarter worth approximately $41,371,000. Renaissance Technologies LLC boosted its position in BlackBerry by 11.9% in the first quarter. Renaissance Technologies LLC now owns 14,766,100 shares of the smartphone producer’s stock worth $119,473,000 after buying an additional 1,575,300 shares in the last quarter. Primecap Management Co. CA boosted its position in BlackBerry by 1.8% in the first quarter. Primecap Management Co. CA now owns 76,097,907 shares of the smartphone producer’s stock worth $615,632,000 after buying an additional 1,371,800 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in BlackBerry by 11.5% in the second quarter. Vanguard Group Inc. now owns 9,288,048 shares of the smartphone producer’s stock worth $62,323,000 after buying an additional 958,365 shares in the last quarter. 57.99% of the stock is 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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