UPDATE: Evercore Upgrades BlackBerry

Shares of BlackBerry Limited

are trading up ~2 percent early into Monday's market session following an upgrade from Underweight to Equal-weight by Evercore analyst Mark McKechnie. In addition to the upgrade, McKechnie raised BlackBerry's price target from $6 to $10. The upgrade comes amid what McKechnie is calling "meaningful progress" in BlackBerry CEO, John Chen's turnaround plan. In a look at the plan, McKechnie highlighted the company's cash burn and strategy to hold on to its core subscriber base.