NEW YORK (TheStreet) -- Shares of BlackBerry (BBRY) are up 1.44% to $10.83 today, extending gains of more than 7% since Friday, when the company reported third quarter results of $43 million in positive cash flow, a quarter earlier than promised, and posted an adjusted profit of 1 cent a share, as CEO John Chen's turnaround strategy starts to come to fruition, Bloomberg reports.
Revenue, however, was short of expectations. Chen told Bloomberg TV that he understands investors' impatience to see revenue growth and reiterated that it will come next year. He said his chances of turning the company around are now 99%.
While the stock was down on Friday because of the revenue miss, "it shouldn't distract from the company reaching positive cash flow," BGC Partners analysts said.
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Separately, TD Securities upgraded the firm to "buy" from "hold" yesterday with a price target of $13, saying that BlackBerry is effectively transitioning to a cross-platform software/services company and that the "hardware miss is of little consequence."
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 area that we feel has been the company's primary weakness has been its declining revenues."