Wednesday, May 15, 2013 10:33:39 AM
Analyst Actions: Update - Alliance Bernstein Downgrades Blackberry To Market Perform; Lack of Catalysts Next 6 Months; Stock Down 2%
MidnightTrader
09:25 AM EDT, 05/15/2013 (MidnightTrader) -- According to Alliance Bernstein (AB), Blackberry (BBRY) has been in transition with its launch of "BB10." However, the analyst believes that pent up demand for the new platform is now baked into consensus estimates, and he doesn't see new catalysts in the next 6 months. Therefore, Alliance is recommending that investors stay on the sidelines.
The analyst downgrades BBRY to Market Perform from OutPerform. He is also lowering his price target to $15 from $22 based on a valuation of 9x FY14 EPS.
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