UPDATE: Citron Research Says BlackBerry (BBRY) Worth $20; All About 'Internet of Things', Urges Name Change Back to 'Research in Motion'

(Updated - June 20, 2014 11:07 AM EDT)

In an update to its earlier bullish view of the stock, normally short-leaning firm Citron Research said BlackBerry (NASDAQ: BBRY) is worth $20 per share and is raising their price target accordingly.

In the report, Citron is calling the stock its 'best idea in years!' and is urging the company to change its name back to 'Research in Motion.'

Citron said on May 21st, "BlackBerry put out what might have been the most meaningful press release of the past few years in technology – and it was roundly ignored by mainstream financial media." It was about the 'Internet of Things.'

The firm said CEO Chen is one of the strongest and most credible leaders on Wall Street, and quotes from his press release that day:

“Billions of connections, generating trillions of transactions and exabytes of data daily, will require platforms that can operate securely on a global scale. No other company is in a better position than BlackBerry to provide the technological building blocks, applications and services needed to enhance productivity, improve real-time decision making and deliver on the vision of the … “ Internet of Things ”

This is a huge opportunity and the company is positioned to gain a powerful market leadership position as a credible competitor, according to Citron. Shares should be valued much higher they argue.

More from Citron can be found here

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