Posted by: youngragingbull | March 20, 2013

BlackBerry upgraded by Morgan Stanley, shares rise

Shares of BlackBerry Inc. jumped nearly 5% to $16.19 on the TSX Wednesday morning after Morgan Stanley upgraded the stock to overweight from underweight.

In a note to clients, analyst Ehud Gelblum based his call “on the thesis that the mix-shift of devices away from BB6/7 and to BB10 expands GM [gross margins] and ASP [average selling prices], even after assuming a lower service attach rate on BB10 and very unheroic assumptions on numbers.”

The company formally launched its BlackBerry 10 platform and the Z10 smartphone last month, initially in the U.K. and Canadian markets, and the U.S. launch happens this Friday.

Gelblum also raised his price target on the stock to $22 from $10.


BlackBerry 1-Year Price Chart

Disclosure: I own shares of BlackBerry


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