BlackBerry (NASDAQ:BBRY)‘s stock had its “neutral” rating restated by Zacks in a research note issued on Friday, Stock Ratings Network.com reports. They currently have a $7.75 target price on the stock. Zacks‘s price target would indicate a potential upside of 2.92% from the stock’s previous close.
Zacks’ analyst wrote, “BlackBerry reported mixed fourth-quarter 2014 financial results with the bottom line surpassing the Zacks Consensus Estimate but the top line missing the same. Declining smartphone sales, stiff competition from handset manufacturers, escalating marketing expenses and lukewarm response for the new BB10 operating platform will continue to act as headwinds for the company. However, a healthy balance sheet, an extensive patent portfolio, launch of BES12 platform, partnership with Foxcon and presence in over 147 countries are likely to spur growth, moving ahead. Moreover, implementation of cost control measures and capital spending reduction will not only drive margins but also boost cash flow going forward. We also believe that BlackBerry is currently fairly valued. Hence, we maintain our Neutral recommendation on the company.”
Shares of BlackBerry (NASDAQ:BBRY) traded up 0.80% during mid-day trading on Friday, hitting $7.59. 6,429,245 shares of the company’s stock traded hands. BlackBerry has a 1-year low of $5.44 and a 1-year high of $16.59. The stock’s 50-day moving average is $8.29 and its 200-day moving average is $8.11. The company’s market cap is $3.938 billion. BlackBerry also was the target of a large 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 trading volume of 14,416,467 shares, the days-to-cover ratio is presently 7.1 days. Currently, 21.0% of the shares of the stock are short sold.
BlackBerry (NASDAQ:BBRY) last released its 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.
BBRY has been the subject of a number of other recent research reports. 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. Separately, 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. Finally, analysts at Goldman Sachs cut their price target on shares of BlackBerry from $9.50 to $8.80 in a research note on Monday, March 31st. Eleven equities research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target 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.
To view Zacks’ full report, visit Zacks’ official website.
Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.