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BlackBerry (BBRY) Breakup More Likely After Failed Bid - Canaccord Genuity

November 4, 2013 12:17 PM EST Send to a Friend
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Price: $9.71 +2.10%

Rating Summary:
    7 Buy, 38 Hold, 16 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 21 | Down: 36 | New: 7
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Canaccord Genuity analyst Michaeal Walkley reiterated a Hold rating and cut its price target on BlackBerry (NASDAQ: BBRY) from $7 to $6, saying that in light of "the unsuccessful funding of Fairfax Financial’s $9/share bid, we believe a sale of BlackBerry is no longer imminent and few – if any – candidates remain to purchase the company in its entirety."

He added, "While we maintain our belief BlackBerry will ultimately end up selling the company due to the difficult competitive smartphone market and low probability BlackBerry 10 can return BlackBerry to sustained profitability, we now believe a breakup is more likely than an outright sale and fundamentals will continue to deteriorate over a now-longer public sale process under new management."

For an analyst ratings summary and ratings history on BlackBerry click here. For more ratings news on BlackBerry click here.

Shares of BlackBerry closed at $7.77 yesterday.




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