BlackBerry Stock Rating Upgraded by Oppenheimer (BBRY)

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Oppenheimer upgraded shares of BlackBerry (NASDAQ:BBRY) from an underperform rating to a market perform rating in a research report released on Monday morning, TheFlyOnTheWall.com reports. Oppenheimer currently has $7.00 price objective on the stock. The analysts noted that the move was a valuation call.

BlackBerry (NASDAQ:BBRY) traded up 0.88% during mid-day trading on Monday, hitting $7.5959. The stock had a trading volume of 6,059,767 shares. 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 $8.29 and its 200-day moving average is $8.11. The company’s market cap is $3.941 billion. BlackBerry also saw a significant growth in short interest during the month of April. As of April 15th, there was short interest totalling 102,472,527 shares, a growth of 3.2% from the March 31st total of 99,334,950 shares. Based on an average daily volume of 14,416,467 shares, the short-interest ratio is presently 7.1 days. Currently, 21.0% of the company’s stock are sold short.

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.

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 analysts have rated the stock with a sell rating, eighteen have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently 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 Oppenheimer’s full report, visit Oppenheimer’s official website.

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