Jefferies Cuts BlackBerry Price Target and BB10 Estimates; Stock Falls

In its morning report, Jefferies dropped its price target on BlackBerry BBRY down from $18 to $15, while maintaining its Buy rating. Most importantly, the report cut its BB10 shipment estimates below that of the street. The report elaborated that while the estimates had been cut, with a potential LBO on the horizon, its likely that the street will ignore poor fundamentals in the near term, favoring sentiment of a buyout. Following the report, shares dropped 1.8 percent to $10.32.