Cormark upgrades BlackBerry to Top Pick, says performance “remarkable”
April 1, 2013 By Cantech
Cormark analyst Richard Tse said the long weekend provided him a little extra time to review BlackBerry’s Q4and fiscal 2013 results, which were released last Thursday.
Tse says he came away from the extended review with more confidence in the Canadian smartphone maker, and has upgraded the stock to “Top Pick” rating. The Cormark analyst has a $20 one-year target price on BlackBerry.
Tse says BlackBerry’s Q4, in which it reported operating EPS of $0.22 on revenue of $2.7-billion, provided continued evidence that the company’s new management team is more than up to the task of successfully transitioning BlackBerry to its new platform.
“In our view, given the hyper competitive market and major internal product transition, we believe the results of the past two quarters have been nothing short of remarkable,” said Tse. “Operating improvements thus far under such extreme challenges give us reason to believe in BlackBerry’s ability to execute on BB10 as having better odds than we originally would ha