BlackBerry Shares Sell-Off 4+% Following Bernstein Downgrade
Analyst Pierre Ferragu of Bernstein downgraded Blackberry (NASDAQ: BBRY) from Market Perform to Underperform Wednesday morning. Ferragu cut his price target from $15 to $10, saying Blackberry is set to "disappoint investor expectations" during the second half of this year.
The report pointed at initial enthusiasm for BB10 which appears to be waning and consumer take-up of BB10 was "weak" at best.
Ferragu also saw increased risk of "slow and only partial" enterprise adoption of the BB10, saying a growing share of competitors use BYOD programs.
Shares closed down more than 4 percent.
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