NEW YORK (TheStreet) -- BlackBerry (BBRY) shares are down 4% to $9.44 in trading on Monday ahead of the company's third quarter earnings release before the opening bell on Friday.
The company experienced a sharp decline during its previous trading session after analysts at BMO Capital and Raymond James both reiterated their "market perform" ratings, while analysts at Credit Suisse reiterated an "underperform" rating with a $6 price target.
"Focusing on services, visibility remains low. While the company is trying to facilitate a transition to BES 12 by offering various promotional packages of its MDM platform, we continue to see headaches for the services business," said Credit Suisse analyst Kulbinder Garcha. "Despite the encouraging launch of its Passport phone, we believe sustainable sell through will prove challenging and margin pressures may still remain in the hyper competitive smartphone market.
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Separately, 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. Among the areas we feel are negative, one of the most important has been an overall disappointing return on equity."