Cowen & Co. analyst Bryan Prohm weighed in with his opinions on BlackBerry Ltd (NASDAQ:BBRY) following the company’s first quarter earnings release this morning. Prohm affirmed a Market Perform rating on the stock with a price target of $11, which implies an upside of 19.6% from current levels.

Prohm noted, “At first glance BBRY’s FQ1:16 results indicate the next phase of its turnaround – revenue stabilization and a return to growth – is off to a solid start despite slight top and bottom line misses. Traction for new smartphones remains an open question and is likely the key variable around FQ2 revenue growth, while much better than expected Software results suggest $600MM F2016 target is achievable.”

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Bryan Prohm has a total average return of -20.8% and a 22.2% success rate. Prohm is ranked #3523 out of 3640 analysts.

Out of 27 analysts polled by Tipranks, 3 rate Blackberry stock a Buy, 17 rate the stock a Hold, and 7 recommend a Sell rating. With a downside potential of 1.41%, the stock’s consensus target price stands at $9.07.