Shares of BlackBerry up by 12 per cent on Monday after Bernstein Research said that it was upgrading the stock after launch of the company’s latest line of BlackBerry 10 smartphones.
The brokerage firm,that has not “outperform” rating for over three years on the stock also lifted its price target from $12 to $22, and showed confidence confident about latest smartphones, powered by the new BlackBerry 10 operating system.
BlackBerry,that has Ex name of Research In Motion,Shares rose 12.2 per cent to $14.63 in midday Nasdaq trading. BlackBerry’s Toronto-listed shares improved by 12.1 per cent at C$14.59 at 12:30 p.m. EST (1730 GMT).
BlackBerry stock began trading under the “BBRY” name on Nasdaq on Monday and with the “BB” symbol on the Toronto Stock Exchange. Previously, stock used to trade by symbol of “RIMM” on the Nasdaq and “RIM” on the TSX.
Bernstein analyst Pierre Ferragu said that thaey upgrade BlackBerry to outperform today as they believe BB 10 is set for a strong launch.
BlackBerry, leading name in the smartphone industry at a time has ceded market share in recent years to tech giants like Apple’s (AAPL.O) iPhone and Samsung’s (005930.KS) Galaxy line and many samrtphone devices powered by Google Inc’s (GOOG.O) leading operating system Android.
BlackBerry on Wednesday introduced its new line of smartphones to much fanfare . However, BlackBerry stock fell more than 10 per cent following investors disappointed over the announcement that the new smartphones will go on sale in mid of March in the crucial U.S. market.
Ferragu,said that they believe BlackBerry should trade in the $20 to $25 range after a decent launch for Blackberry 10 and fiscal year 2014 will see stabilized trajectory for its price.
BlackBerry last week unveiled two devices touch-screen device and a physical-keyboard device .The traditional keyboard model will go on sale in April, the Z10 touch-screen device is already on sale in the UK and will also hits store shelves in Canada this week.
BlackBerry,Waterloo, Ontario-based company said the U.S. launch was delayed until mid-March because wireless carriers in U.S. have a longer testing phase than carriers take in other countries. BlackBerry, devices are set to retail for C$599 in Canada, and attracting bids of over $1,000 each on auction site ebay.