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What: Shares of BlackBerry (NYSE:BB) -- formerly Research In Motion -- have jumped today by as much as 14% following an analyst upgrade.
So what: Bernstein Research analyst Pierre Ferragu has boosted his rating on the stock from market perform to outperform, while upping his price target from $12 to $22. Ferragu has become more confident of BlackBerry 10's success following the launch last week in the U.K., citing positive feedback on initial sales.
Now what: The analyst expects the company to generate a profit starting in the first quarter of fiscal 2014, and does not believe that declining service revenue will hurt the overall business in the long run. However, Ferragu also believes that a "sustained comeback" for the company remains unlikely, adding that the platform's long-term prospects are "very uncertain." Still, he believes strong initial indications are reason to buy.
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