Breaking News!TD Securities thinks BlackBerry has a cash plus patent value of $8-$11 per share.
TD Securities today maintained a Hold rating on BlackBerry (NASDAQ: BBRY) with a modified price target of $13.00 (from $17.00). Analyst Scott Penner thinks it's too early for BlackBerry's funeral and is waiting more clarity on the Q5 launch.
"Seems early to sound the death knell of BB10 five months in and with the Q5 yet to launch," said Pennar.
"The Q5 (the Q10 with a lower spec processor, camera and build quality) will target emerging markets and launch in the Middle East, Africa, Asian and Latin American markets beginning July (59 countries are expected to launch in the August quarter). Subscriber accounts in Asia Pacific grew by 29% Y/Y in Q1 (after 36% growth in FY13) – in areas targeted by the Q5, the company has a strong franchise. The Q10 QWERTY has just launched in the U.S. and distribution of the Q10 should grow by 1/3 in Q2," he added.
TD Securities thinks BlackBerry has a cash plus patent value of $8-$11 per share.