UPDATE: Jefferies Downgrades BlackBerry Ltd. to Hold, Lowers PT Following Results of Proprietary Survey

In a report published Monday, Jefferies analyst Peter Misek downgraded the rating on BlackBerry Ltd. BBRY from Buy to Hold, and lowered the price target from $15.00 to $8.00. In the report, Jefferies noted, “We conducted a proprietary survey over the last three weeks. The results indicate substantial value for BBRY's MDM business but that the handset business will be sub-scale going forward, meaning units, ASPs, and margins will be under pressure and lead to a negative value for the handset business (vs. our prior $0 est). Also, it means greater subscriber loss, undermining the value of the services business for potential acquirers.” BlackBerry Ltd. closed on Friday at $8.73.