Analyst cuts rating on BlackBerry, stock falls
In a note to clients, Ferragu said, "The initial enthusiasm that we observed for Blackberry 10 devices now appears to be waning," and cut his target on the stock to $10 from $15. BlackBerry has introduced three BlackBerry 10 models this year with another 3 to 4 expected before the end of the year. BlackBerry has been guarded about how well the all-touch BlackBerry Z10 and the QWERTY equipped BlackBerry Q10 have fared in the market, so the earnings report is expected to be closely watched by both Wall Street analysts and industry players.
As of mid-day Wednesday, BlackBerry shares were trading at $14.16, down 68 cents on the day. Last September, the stock traded as low as $6.22.