Why BlackBerry (BBRY) Is Gaining Today

NEW YORK (TheStreet) -- BlackBerry (BBRY) was gaining 1.2% to $9.53 Friday following the news that smartphone maker will sell most of its real estate in Canada.

The company did not say who is purchasing the land, or the purchase price, but did announce it will sell 3 million square feet of space and vacant land. BlackBerry will lease back part of the land that it sells.

"The successful sale of property in Canada will help us move toward our goal of continued operational efficiency," CEO and executive chair John Chen said in a statement.

BlackBerry first announced its plans to sell most of its Canadian real estate in January.

Earlier Friday CLSA upgraded its rating for BlackBerry to "sell" from "underperform."

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TheStreet Ratings team rates BLACKBERRY LTD as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:

"We rate BLACKBERRY LTD (BBRY) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself."

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