Blackberry (BBRY) Price Target Range Upped at Wells Fargo

By Jul 29, 2014, 8:56 AM Author's Blog  

Blackberry (BBRY) Price Target Range Upped at Wells Fargo

Wells Fargo (WFC) had its ‘Market Perform’ rating restated on the shares of smartphone maker Blackberry Ltd (BBRY) in a research note issued on Tuesday. According to The Flyonthewall, Wells also raised its price target range for BBRY to $9.50-$10.50 from $8.50-$9.50, saying that based on its talks with the company’s management, Blackberry “has several levers to drive cash flow.”

Several prominent Wall Street firms have recently commented on the Blackberry maker. Analysts at Macquarie maintained their ‘Underperform’ rating with a price target of $7.25 on BBRY in a report released on June 25. Separately, analysts at Evercore Partners upgraded Blacberry’s shares to an ‘Equalweight’ rating from an ‘Underweight’ rating in a research note to clients on Monday, June 23. Finally, analysts at CIBC and Nomura maintained their ‘Sector Underperform’ and ‘Neutral’ ratings on shares of Blackberry in a research note issued on Friday, June 20. Both firms have a $6.25 and $10.00 price target on the stock, respectively.

BlackBerry is up 11 cents in early Nasdaq trading to $10.06 per share. The stock has climbed 35 percent year-to-date.

In other Blackberry news: the $5.2 billion market cap company announced today the acquisition of Secusmart GmbH, a German provider of anti-eavesdropping technology. The smartphone maker did not disclose the financial details of the agreement, which was announced at a security-themed event held in New York.

BlackBerry Ltd provides wireless communications solutions worldwide. The company was founded in 1984 and is headquartered in Waterloo, Canada.

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