Blackberry Is Set To Unveil The Passport!
Blackberry Limited (NASDAQ:BBRY) is a Waterloo, Ontario, Canada based telecommunication and wireless equipment company known for its Blackberry brand of smartphones and tablets. Blackberry currently has plans to unveil a square-screened smartphone called ‘The Passport’ on September 24th. The phone will be priced at $599 without a phone contract in the US.
The Blackberry Passport is the first major new device to be released by Blackberry since John Chen took over as Chief Executive Officer in November of last year. The phone will be especially appealing to large corporate orders. The release of the Blackberry Passport is just part of Chen’s goal to reach break-even cash flow by the end of this fiscal year and return to making revenue during the year that will end in March 2016.
Shares of Blackberry opened at $10.83 on Tuesday, September 23rd. The mobile phone company has a 1-year high of $11.65 and a 1-year low of $5.44. The stock’s daily moving average is $10.64 and has a 50-day moving average of $10.10. The market cap for Blackberry is $5.48 billion and its P/E ratio is not applicable.
On September 23rd, UBS analyst Amitabh Passi reiterated a Neutral rating on Blackberry with a $9 price target. He noted, “A high-end smartphone with an expected retail price of $599. Initial feedback on some of the user forums has been mixed though the device ranked favourably in a recent poll conducted by The Verge.” He continued, “With most of the opex cuts and balance sheet rationalization behind, BBRYs turnaround depends on platform acceptance and strong execution. We remain on the side-lines for now.” Passi currently has a 66% success rate in recommending stocks, earning a +8.6% average return per recommendation.
Similarly on September 23rd, RBC Capital analyst Mark Sue reiterated a Sector Perform rating on Blackberry with a $12 price target. He reasoned, “Restructuring is mostly behind us and BlackBerry’s inching closer to cash flow breakeven, becoming less about smartphones and more about software.” Sue currently has a 61% success rate in recommending stocks, earning a +6.7% average return per recommendation.
On average, the top analyst consensus for Blackberry is Hold.