“[…] BlackBerry Ltd (NASDAQ:BBRY) shares are slumping after getting a downgrade form Morgan Stanley to underweight. The analysts there are saying that the market expectations are too excessive about Blackberry’s new product and turnaround. Price target was kept at $7 a share. That is about a 30% to the downside from where the stock is currently trading […],” said Lee.
Morgan Stanley analysts do not have so much faith in John Chen’s, BlackBerry Ltd (NASDAQ:BBRY) CEO, abilities as far as changing the fate of the once prominent player of smart phone industry is concerned. However, he has made substantial changes as far as cutting costs go. The only question is that will he be able to successfully launch new products that will make the Canadian company profitable once again?
To this end BlackBerry Ltd (NASDAQ:BBRY) has released a few new editions of smart phones, which haven’t exactly been hits like Apple Inc. (NASDAQ:AAPL)’s iPhone, but they did manage to get some traction. There is still one more phone that the company is scheduled to release in December, but that is not the only product that the company is relying on. It is the new device management software, BES 12 that is aimed at enterprise customers, which is the greatest hope for Blackberry’s revival .
Although down for the day, but not nearly as much as BlackBerry Ltd (NASDAQ:BBRY) in percentage terms, Apple Inc. (NASDAQ:AAPL) got good news as far as price targets go. The tech giant got a bump from Jeffries, adn was trading at $
“[…] Apple Inc. (NASDAQ:AAPL) got its price target bumped up at Jeffries by about $8 to $120 a share. The firm reiterated its hold rating though, because it still believes that Google leads Apple in consumer cloud services,” reported Lee.
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