BlackBerry Shares Rally as SocGen Upgrades from Sell to Buy, Cites Recent Positive Checks
Societe Generale's Andy Perkins upgraded shares of BlackBerry (NASDAQ: BBRY) from Sell to Buy and boosted his price target on the stock from $13 to $17 Thursday morning.
BlackBerry shares are now up nearly 6 percent to around $14.35.
Perkins cited recent channel checks which suggest BlackBerry's newest models are selling strongly. The analyst is modeling for Z10 sales of better than 4 million units and Q10 sales under 1 million units.
Perkins raised his Q1 sales guidance from $2.7 billion to $3.7 billion and his EPS estimate from $0.00 to $0.06. He also raised his FY13 EPS estimate from $0.71 to $0.85. Perkins now sees handset sales of around 23 million for the year, up sharply from the prior estimate for just 16 million in unit sales.
The SocGen analyst's new price target implies potential upside of about 18 percent from where the stock is currently trading.
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