BlackBerry (NYSE:BB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Thursday. The firm currently has a $13.00 target price on the stock. Zacks Investment Research‘s price target would indicate a potential downside of 3.92% from the stock’s previous close.
According to Zacks, “Shares of BlackBerry outperformed its industry in 2017. The stock rallied 62.2% compared with its industry's gain of only 10.9%. Ushering in further good news, the company's deal with Baidu on a self-driving car project pleased investors. Consequently, the stock appreciated significantly following the news. BlackBerry’s decision to focus exclusively on software business seems to be paying off as robust software sales are aiding the company immensely. In fact, software and service revenues are estimated to rise between 10% and 15% in fiscal 2018. Growth of its cybersecurity business is also a huge positive. BlackBerry’s projection of its free cash flow in fiscal 2018 is also encouraging. However, the unfavorable verdict in the Nokia case is disappointing. Charges pertaining to the issue hurt the bottom line in the fiscal fourth quarter.”
Several other research analysts have also recently weighed in on BB. Scotiabank reissued an “outperform” rating and issued a $13.50 price objective on shares of BlackBerry in a research report on Thursday, September 21st. Bank of America boosted their price objective on BlackBerry from $7.50 to $8.00 and gave the stock an “underperform” rating in a research report on Friday, September 22nd. Royal Bank of Canada reissued a “hold” rating and issued a $9.50 price objective on shares of BlackBerry in a research report on Friday, September 22nd. Vetr cut BlackBerry from a “strong-buy” rating to a “buy” rating and set a $10.20 price objective on the stock. in a research report on Tuesday, September 26th. Finally, TD Securities reissued a “buy” rating and issued a $11.50 price objective on shares of BlackBerry in a research report on Tuesday, September 26th. Five equities research analysts have rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $10.20.
BlackBerry (NYSE:BB) last posted its quarterly earnings data on Wednesday, December 20th. The company reported ($0.52) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.03) by ($0.49). BlackBerry had a return on equity of 3.70% and a net margin of 37.36%. The business had revenue of $235.00 million during the quarter, compared to analysts’ expectations of $216.70 million. During the same period in the prior year, the firm posted $0.02 EPS. The firm’s revenue for the quarter was down 21.9% on a year-over-year basis. equities analysts expect that BlackBerry will post -0.02 EPS for the current year.
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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