MKM Sees Likelihood of BlackBerry Going Private 'Low'

Blackberry BBRY shares are trading up 4.25 percent to $9.61 Friday amid a rumor about the company potentially going private. Reuters reported Blackberry's Board is considering converting the company from a publicly-traded company to a private entity. MKM Partners' Michael Genovese sees Friday's rally as unsubstantiated, noting the "low likelihood" of the conversion actually taking place. Genovese believes if the deal were to occur, it would more likely be a take-under than a deal with any "meaningful" premium. MKM rates shares of BlackBerry with a Sell rating and $9 price target. The MKM analyst's price target implies downside of nearly 7 percent from where shares of BlackBerry currently trade.