BlackBerry (BBRY) PT Raised to $9 at Deutsche Bank; Analyst Maintains Neutral Rating

Deutsche Bank maintained a Hold rating on BlackBerry (NASDAQ: BBRY) and raised its price target to $9.00 (from $8.00).

Analyst Brian Madoff said, "Blackberry announced Q2 revenues of $916m, above our estimate $856m but below consensus of $936m. Pro-forma EPS was ($0.02), above our estimate of ($0.19) and consensus of ($0.14). The company recognized revenue on 2.1 million smartphone units in the quarter. The company sold through 2.4 million devices in the quarter. As service revenues continue to decline at a 15% sequential rate, we think it will be a challenge for software (EZ Pass) and its related maintenance sales to offset the declines. As a result, we maintain our Hold and raise our price target from $8 to $9 on better than expected handset sales."

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 $10.26 yesterday.

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