MKM Partners Cuts Price Target on BlackBerry (BBRY) Following Announced Plans to Acquire Good Technology
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MKM Partners maintained a Neutral rating on BlackBerry (NASDAQ: BBRY), and cut the price target to $8.00 (from $8.50), following the announcement that the company will acquire Good Technology for $425mn in cash. The deal is expected to close in late 3QFY16.
Analyst Michael Genovese commented, "The company announced today that it intends to acquire competitor Good Technology (private) for $425mn in cash. Good is a global provider of mobile security solutions and application management and analytics for enterprises and governments. The acquisition is expected to complement BlackBerry's EMM platform and provide inroads into additional verticals (aerospace and defense) and devices (iOS). The deal is expected to close in late 3QFY16 (November) subject to regulatory approvals and conditions."
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 $7.46 yesterday.
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