BMO Capital Remains Sidelined on BlackBerry (BBRY) Following Mixed 4Q

BMO Capital reiterated a Market Perform rating and $8.00 price target on BlackBerry (NASDAQ: BBRY) following the company's 4Q earnings report. With help from IPR licensing deals and several acquisitions, Blackberry surpassed management’s $500 million software revenue target for the year. However, the service business continues on its downward trajectory, and handsets missed the Street’s, and management’s expectations.

Analyst Tim Long commented, "February-quarter results were mixed. Revenues were well below our estimates owing to a big miss in handsets, while other segments were in line. The mix shift toward software/services, however, led to a beat on gross margins. Combined with lower opex, the results drove a beat on EPS. Our FY2017 EPS estimate goes from ($0.31) to ($0.28), and we are establishing an FY2018 EPS estimate of ($0.24)."

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 $7.48 yesterday.

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