BlackBerry Ltd (NASDAQ:BBRY) Up Another 8% Late Friday


Dual listed BlackBerry Ltd(NASDAQ:BBRY) is up another 8% late Friday afternoon – adding to the near 10% gain recorded yesterday following its Q1 results – with most of today’s gains and an increase in trading volumes in the stock appearing to come following the release of bullish report by Citron Research, a known and typical short-seller that has reiterated its bullishness on the embattled telco. 

According to BNN TV, Citron back in January said Blackberry was a $15 stock, but today says it is a $20 stock. Citron reportedly described it as the biggest tech opportunity of the year – based on the potential of Blackberry’s ‘Internet of Things’ program. A Blackberry blog in May said this is where the customer is at the center of a connected ‘Internet of Things’ experience that offers tools and resources to securely connect millions of devices and distill information for real-time decisions. 

Citron is reportedly an investor in BBRY shares. 

Separately today, BMO raised its price target on BBRY shares to $9 from $8 per share.

Analysts have a consensus price target of $8.96 on BlackBerry Ltd(NASDAQ:BBRY) which indicates a 1.4% downside. The consensus rating of the stock is a HOLD with a score of 1.88. There are currently 18 Hold ratings, 10 Sell ratings 1 Strong Buy and 4 Buy ratings on the stock.

A recent analyst action consisted of Nomura reiterating their Neutral rating and increasing their price target from $9 to $10. CIBC also increased their price target earlier today from $5 to $6.25.


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