Analysts Remain Mostly Bearish On BlackBerry Following Q2 Earnings

On Wednesday, BlackBerry Ltd. BBRY reported better-than-expected second-quarter earnings, with an adjusted EPS at $0.00, beating the Street expectations of ($0.05), aided by "massive write downs," according to one analyst.

The company fell short in its second-quarter sales, reporting $352 million compared to a $392 million Street estimate.

Also on Wednesday, BlackBerry announced that it would exit the hardware business and shift to licensing its software in an attempt to reach profitability.

Related Link: Credit Suisse Reiterates Underperform On BlackBerry Following Top-Line Miss

Here's a look at what analysts have said since BlackBerry's report and announcement on Wednesday:

• Raymond James Ltd: Upgraded to Outperform and increased target price from $8 to $10.50.
• Macquarie: Upgraded from Underperform to Neutral; raised price target from $7 to $8.50.
• RBC Capital Markets: Maintains a Neutral rating; raised its price target from $7 to $7.50.
• Morgan Stanley: Maintains Equal-Weight rating with a price target of $7; increased EPS estimates by $0.10.
• Credit Suisse: Reiterated an Underperform rating and target price of $6.
• Goldman Sachs: Maintains a Sell rating with a price target of $6.

At time of publication, BlackBerry was seen trading at $7.93, down 4.86 percent on the day.

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