BlackBerry Ltd (NASDAQ:BBRY) shares were down by 3.39% after Cormark Securities downgraded its rating to “market perform.” The company is likely to announce its second quarter 2014 earnings later this week.
Cormark Securities issued their latest “market perform” rating for BlackBerry Ltd (NASDAQ:BBRY) pushing its shares down from an earlier “speculative buy” rating with a current target price of $11.50. Richard Tse, analyst, said that the company has already grown 47% year-to-date and it was nearing sum-of-price target of the firm. On account of new products from the company, Mr. Tse is “moving to sidelines” until the demand for latest products reach a substantial figure.
BlackBerry Ltd (NASDAQ:BBRY) is all set to launch its latest Smartphone ‘Passport’ on September 24 at a price range of $599 in U.S., which is $50 to $250 cheaper that Apple Inc (NASDAQ:AAPL)’s iPhone 6 and latest Samsung S5. One of the key reasons for price difference is to offer an upper hand to BlackBerry Ltd (NASDAQ:BBRY) who is trying to attract corporate customers with its latest edition of Smartphone.
Passport features a 4.5 inch screen with a 2.2Ghz Qualcomm Snap Dragon 800 processor with Adreno 330 GPU and 3GB RAM. It comes with an internal 32GB memory, which could be further extended with micro SD memory card. The screen offers high-end 1440×1400 pixels display with an impressive 453 ppi and comes with Gorilla Glass 3 protective cover from Corning Inc, which is also used in Apple iPhone 6.
This is the first major release from the company since the new CEO, John Chen, handled the position and Chen has shifted BlackBerry Ltd (NASDAQ:BBRY)’s focus to the enterprise users rather than consumer market. He is aiming to reach break even by 2015 in terms of cash flows for the company.
This article has been written by Prakash Pandey.