UPDATE: National Bank Financial Upgrades BlackBerry Following Agreement with Fairfax Financial-Led Consortium
In a report published Tuesday, National Bank Financial analyst Kris Thompson upgraded the rating on BlackBerry Ltd. (NASDAQ: BBRY) 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.
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