Citron Positive on BlackBerry (BBRY)

January 17, 2014 12:58 PM EST
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Price: $7.13 +0.42%

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    7 Buy, 39 Hold, 16 Sell

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(Updated - January 17, 2014 1:08 PM EST)

BlackBerry (Nasdaq: BBRY) stock jumped on Friday after short selling focused firm Citron Research said it was positive on the stock with a minimum price target of $15. Citron said BlackBerry is a heavily shorted stock with a "flawed thesis." Researchers are positive on management and said its business is "viable." They think the stock's price can double.

Citron Research is positive on new CEO John Chen, who, as the former CEO of Sybase, flipped the company from the brink of bankruptcy to a $5.2 billion takeover to SAP. Chen has said Blackberry is no longer a device company - it is an enterprise software company. Analysts and shorts should take notice of this important distinction, Citron said.

Citron also said the company's balance sheet is healthy despite reports to the contrary.

The full report from Citron can be found here.

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