NEW YORK (TheStreet) -- Shares of Blackberry Ltd. (BBRY) are down -3.25% to $9.94 after the company CEO John Chen, who is working to remake the company, said he's unsure if it can regain iconic status, Bloomberg reports.
"I am comfortable with where the company is today, how we managed our technology, our businesses, the margins, the distribution channel or the new products that's coming out," Chen said in a Bloomberg Television interview. "Whether it's going to be good enough to be iconic again, OK, that's something I need to chew on. I don't know the answer to that question."
BlackBerry's global shipments are projected to fall almost 50% this year to about 9.7 million smartphones, according to a forecast last May from IDC.
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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 some concerns, 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, disappointing return on equity and weak operating cash flow."