BlackBerry Limited (BB)

[WATER33]

CLSA upgrades BBRY. TP $ 9.50


Firm says BlackBerry losses likely to ease, upgrades shares
Research firm CLSA upgraded BlackBerry (BBRY) in a note to investors earlier today, as the firm predicted that the company is likely to report lower losses going forward. WHAT'S NEW: BlackBerry's management has improved following its hiring of a new CEO, and it has a "decent shot" at convincing companies to adopt its mobile device management systems, wrote CLSA. Moreover, BlackBerry's partnership with China-based manufacturer Foxconn, announced late last year, could cut its losses, the firm contended. Under the deal, Foxconn will manufacture a number of BlackBerry devices. The firm thinks the company's losses are likely to improve, and it upgraded the stock to Underperform from Sell. It increased its price target on the shares to $9.50 from $6. WHAT'S NOTABLE: BlackBerry, which is based in Canada, today announced that it had agreed to sell a majority of its real estate holdings in that country.