UPDATE: Byron Capital Markets Downgrades BlackBerry (BBRY) to Hold, Cautious About Feb. Unit Sales
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Byron Capital Downgrade of BlackBerry - "we are also concerned that unit sales in the February quarter.... will not be that exciting" -Tom Astel
Byron Capital Markets downgraded BlackBerry (NASDAQ: BBRY) from Buy to Hold with a price target of $18 Thursday. Analyst Tom Astel said he thinks the company is still a turnaround story, but would prefer to buy to stock on dips rather than maintain a long position. He also said at over $16 the stock was pricing his best "guess" for 2014 earnings, at $1.60 per share. On a more cautious tone, the analyst warned about February unit sales.
"On a more short-term basis, we are also concerned that unit sales in the February quarter to be reported at the end of this month will not be that exciting, given the staged launch and some data points from the Jabil (NYSE: JBL) results on Wednesday. We had modelled 1 million BB10 units for that quarter, but we expect something less than that now. We are more hopeful for margins as we think initial sales of the Z10 have carried strong ASPs," said the analyst in the downgrade report.
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 $16.00 yesterday, with a 52 week range of $12.55-$17.22.
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