BlackBerry shares fall as stock downgraded to market perform from outperform at Raymond James
Shares of BlackBerry Ltd. BBRY, -4.50% fell 1.6% in premarket trade Tuesday after the company was downgraded to market perform from outperform at Raymond James. The analysts say they are just “tapping the brakes,” as Blackberry shares have gained 42% since the analysts had upgraded Blackberry in August 2016 and now they see “limited return to target.” On Friday, Blackberry announced that it would receive $940 million from Qualcomm QCOM, -0.37% as part of an arbitration settlement, which the analysts believe Blackberry can use in acquisitions to accelerate its goal of $1 billion in software revenue. The analysts raised their price target to $11 from $9 partly based on the money award. Shares of Blackberry have gained 61% in the past three months, compared to the S&P 500’s SPX, -0.08% gain of 2.2%.
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