Johannesburg, South Africa - BlackBerry (NYSE:BB) is attracting renewed attention from Wall Street analysts, even as the stock experienced a slight dip in recent trading. Despite closing at $3.97, a 1.73% decrease compared to the previous day, analysts are increasingly optimistic about the company's future prospects.
Wall Street Zen Upgrades BlackBerry to 'Buy'
MarketBeat reported that Wall Street Zen upgraded BlackBerry shares from a 'hold' rating to a 'buy' rating in a research note published on Friday morning. This positive assessment contrasts with earlier reports from other analysts.
Mixed Analyst Sentiment
While Royal Bank of Canada set a price target of $3.75, Canaccord Genuity Group lowered their target price from $4.75 to $4.25, maintaining a 'hold' rating. CIBC also decreased their price target from $7.00 to $6.00 but retained an 'outperformer' rating. Currently, five analysts have a 'hold' rating, three a 'buy' rating, and one a 'strong buy' rating on BlackBerry stock. The consensus target price, according to MarketBeat, stands at $4.12.
BlackBerry's Stock Performance
Recent trading saw BlackBerry shares increase by $0.07, reaching $4.14. The stock volume was 12,311,902 shares, slightly below the average of 14,074,393. BlackBerry’s 50-day moving average is $3.56, and its 200-day moving average is $3.90. The company's market capitalisation is $2.47 billion.
Earnings and Future Outlook
BlackBerry reported earnings of $0.03 per share for its last quarter, surpassing estimates by $0.01. Analysts anticipate significant year-over-year earnings growth. The Zacks Consensus Estimates suggest earnings of $0.10 per share and revenue of $521 million for the full year, marking substantial changes from the previous year.
Investors will closely monitor upcoming earnings releases and any revisions to analyst estimates, as these often reflect evolving short-term business trends. BlackBerry currently holds a Zacks Rank of #3 (Hold).
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