BlackBerry Slumps On Downgrade From Cormark

On Tuesday Analysts at Cormark Securities downgrades shares of BlackBerry Ltd BBRY from Buy to Market Perform with a $11.50 price target.
Richard Tse stated, “Our rationale is based on the fact that the quiet run in BBRY’s stock price (+47% YTD) has taken the stock to within 5% of our $11.50 price target.”
Following the comments from Cormark, shares of BlackBerry dropped roughly 3.3 percent to where the stock is currently trading at $10.57.
BlackBerry is scheduled to announce second quarter 2015 earnings on September 26, pre-market.