Canada Real Estate Sale Will Allow BlackBerry to Focus on Core Fundamentals, Wells Fargo Says
Analyst Maynard Um calculated that the proceeds from the sale will be in the $600-700 million range “based on then-current real estate prices, assuming a sale of all real estate assets.”
The sale is a “clear indication of the initial priorities.” Um believes “the quick actions of the shedding of the noncore assets should results in fewer distractions and allow greater focus on core fundamentals, which should start to come into the spotlight with a growing sales force foundation and more-defined pricing strategy.”
Um has a Market Weight rating on the stock and a valuation range of $9.50 to $10.50.
Shares of BlackBerry are down 1.5 percent to $9.29 in Friday's regular session, after hitting a high of $9.70 in pre-market trading.
Latest Ratings for BBRY
|Aug 2016||Raymond James||Upgrades||Market Perform||Outperform|
|Jun 2016||Imperial Capital||Maintains||In-line||In-line|
|May 2016||Macquarie||Initiates Coverage on||Underperform|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.