Consumer Electronics
BlackBerry Analysts Step All Over Themselves to Downgrade Stock
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BlackBerry (NASDAQ: BBRY), formerly known as Research In Motion, has seen its shares crushed since Thursday’s close due to a very disappointing earnings report with lower BlackBerry 10 shipments on Friday morning. Analysts have fled and we have seen multiple downgrades issued since the report. The drop was almost 28% on Friday to $10.46, but then more analyst downgrades continued to pound shares lower on Monday with a 3% drop in mid-afternoon trading.
24/7 Wall St. covered the stock in part on the daily upgrades and downgrades on Monday morning, but it has become known throughout the day that the downgrades were even worse than what we saw in the morning. Here were some of the analyst downgrades seen from Monday and Friday now:
What investors might care more about than the downgrades is the chart action. BlackBerry’s low on Friday was $10.25 despite its closing price of $10.46. Shares are currently down almost 3% at $10.15, which brings up the series of lower lows leading to lower sentiment ahead. Shares also briefly traded under $10 on Monday morning, and that is the first time that BlackBerry shares traded under $10 since November 21, 2012.
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