Shares of BlackBerry (BBRY) sank more than 2% in Monday morning trading after two investment firms trimmed their rating for the troubled handset maker.
BBRY stock slid in the wake of downgrades by Credit Suisse (CS) and Evercore. Credit Suisse cut its rating for BBRY stock from “Underperform” to “Neutral.” It also lowered its price target to $6 per BBRY share, down $1, Minyanville notes.
Evercore downgraded BlackBerry stock from a rating of “Equal Weight” to “Underweight.”
BBRY stock closed at $8.41 a share on Friday. Over the past year, BlackBerry shares have declined more than 40%.
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