While BlackBerry Ltd (NASDAQ:BBRY) reported a solid third quarter last week, we will have to wait until the fourth quarter and next year’s first quarter to get a true reading on how well their new Priv smartphone will be received. The last quarters report captured just a few weeks of US and Canadian sales for the new smartphone, that the company abandoned their Blackberry 10 OS for. Instead they opted to go with a traditional Blackberry design using Google’s Android OS.
BlackBerry CEO John S. Chen stated that the Priv smartphone will be rolled out to 31 countries worldwide by February of next year, meaning that the phone will soon play a much larger role in the company’s quarterly earnings. It will be important to follow the next two quarterly reports to see if there are any indications that Blackberry’s new strategy is finally paying off. The stock increased 10.38% or $0.81 during the last trading session, hitting $8.61. About 3,290 shares traded hands. BBRY has declined 15.84% since May 18, 2015 and is downtrending. It has underperformed the S&P500 by 13.57%.
From a total of 13 analysts covering Blackberry (NASDAQ:BBRY) stock, 0 rate it a “Buy”, 2 a “Sell”, and 11 a “Hold”. This means that 0 of the ratings are positive. The highest target price is $8 while the lowest target price is $6. The mean of all analyst targets is $7.28 which is -15.45% below today’s ($8.61) stock price. Blackberry was the topic of 17 analyst reports since July 28, 2015 according to the firm StockzIntelligence Inc. RBC Capital Markets maintained shares on December 14 with a “Sector Perform” rating. Canaccord Genuity maintained shares with a”Hold” rating and a $8 target share price in their report from a September 21. Imperial Capital maintained BBRY stock in a recent report from September 29 with a “In-Line” rating. Morgan Stanley upgraded the rating on July 28. Morgan Stanley has a “Equal Weight” rating and a $7 price target on shares. Finally, UBS maintained the stock with a “Neutral” rating in a report they issued on a September 28.
BlackBerry Limited is a well-known provider of mobile communications and services. The company has a market cap of $4.53 billion. The Firm is engaged primarily in the provision of the BlackBerry wireless solution, consisting of smartphones, service and software. It currently has negative earnings. The Company’s four areas of business are Devices business, Enterprise Services, BlackBerry Technology Solutions (BTS) business and Messaging.