UPDATE: National Bank Financial Upgrades BlackBerry Ltd. to Sector Perform, Raises PT Following Agreement with Fairfax Financial-Led Consortium

In a report published Tuesday, National Bank Financial analyst Kris Thompson upgraded the rating on

from Underperform to Sector Perform, and raised the price target from $5.00 to $9.00. In the report, National Bank Financial noted, “BlackBerry enters into Letter of Intent (LOI) with undisclosed consortium led by Fairfax Financial. The LOI contemplates a transaction to acquire BlackBerry for just over $4.7 bln or $9/sh in an all-cash transaction. It is an LOI and not a definitive transaction as the consortium is seeking financing from BofA Merrill Lynch and BMO Capital Markets, among other due diligence. The target date for a definitive deal is Nov. 4, 2013. BlackBerry is permitted to actively solicit other transactions.” BlackBerry Ltd. closed on Monday at $8.82.