CLSA Upgrades BlackBerry (BBRY) to Underperform; Likes Improved Management, Foxconn Partnership

CLSA raises BlackBerry (Nasdaq: BBRY) from Sell to Underperform, while raising its price target from $6 up to $9.50.

The move comes as CLSA taking into account the improved management, having the appropriate strategy in place, and potentially lower losses with the Foxconn partnership. The firm commented, We are not as cautious as we were during the 2013 rally to $19, as the company has a decent shot at BES10/12 adoption with a richer Android/iOS offering and losses are likely to improve ... Still, we believe the mobile device management (MDM) industry is too small, fragmented, and commoditized to justify a bullish stance. We evaluated Secure Work Space (SWS) extensively for Android and iOS (very different) and believe the company has a somewhat competitive offering. However, we are concerned about battery drain, syncing, and other bugs that need to be worked out.

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

BlackBerry closed at $9.42 yesterday.

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