Oppenheimer Remains Sidelined on BlackBerry Ltd Ahead of F1Q16 Results

Oppenheimer analyst Andrew Uerkwitz weighed in with some insights on BlackBerry Ltd (NASDAQ:BBRY) ahead of its first quarter fiscal year 2016 results which will be released on June 23, 2015. The analyst maintained a Perform rating on the stock without providing a price target. Shares of BBRY closed yesterday at $8.91, down $0.21, or -2.30%.

Uerkwitz noted, “We reiterate our bearish view on BBRY’s handset business heading into the quarter. We believe consensus underestimates the difficulty BBRY is facing for its smartphones vs. competition, and market-wide weakness in 1H15 may exacerbate the Y/Y decline in BBRY’s device revenues. We believe a stabilized handset business and growth in software revenues are two key drivers for BBRY. On the positive side, we believe we are 1-2 quarters away from seeing material traction of the software business, which could provide management with some positive momentum.”

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Andrew Uerkwitz has a total average return of 6.4% and a 59.4% success rate. Uerkwitz has a -9.4% average return when recommending BBRY, and is ranked #783 out of 3638 analysts.

Out of 28 analysts polled by Tipranks, 3 rate BBRY a Buy, 18 rate the stock a Hold, 7 and rate it a Sell. With a return potential of 2.69%, the stock’s consensus target price stands at $9.17.

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