BlackBerry Analysts Step All Over Themselves to Downgrade Stock

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:

• Macquarie downgraded it to Underperform.
• FBR Capital Markets lowered its price target to $9 from $11 and maintained its Underperform rating.
• Soc-Gen downgraded it to Hold.
• Needham downgraded the stock to Underperform.
• Deutsche Bank downgraded it Sell from Hold.
• Morgan Stanley downgraded it to Equal Weight from Overweight.
• Hudson Square Research lowered its rating to Sell from Hold.
• Wells Fargo downgraded it to Market Perform with a fair value of $10.50 to $12.
• Credit Suisse maintained an Underperform rating but cut its target price to $9 from $10.

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.