NEW YORK (TheStreet) -- BMO Capital increased its price target for Blackberry (BBRY) to $8 from $7 ahead of the mobile phone company's fiscal fourth quarter earnings results to be announced on March 28. The firm maintained a "market perform" rating for the company.
BMO Capital expects this quarter's earnings report to mirror last quarter's report in relative weakness, although it expects the handset maker to begin to bounce back in the second half of 2014. "We expect continued weakness in smartphone shipments, and we are not modeling any meaningful recovery of BB 10 volumes until the second half of FY2014, when hardware margins should start seeing improvement as well," the firm said in its note.
Blackberry was up 1.76% to $9.54 in early trading Tuesday.
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 number of negative factors, 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."