Today, investors in BlackBerry (NYSE:BB) are seeing some rather impressive gains. Indeed, shares of BB stock are up more than 12% at the time of writing on very heavy volume.
Considering the fact that BlackBerry reported earnings after the bell yesterday, volatility was expected for today. However, as we reported earlier, there are a number of reasons why these earnings are being cheered by investors right now.
First, BlackBerry was able to beat on both the top and bottom lines. Specifically, the company’s top-line growth was impressive, with BlackBerry reporting $175 million in the second quarter. Analysts were expecting to see $164 million this quarter. That’s a beat of more than 5%.
On the bottom line, BlackBerry still closed this quarter in the red, though by a slimmer margin than expected. The company’s loss per share came in at six cents, versus analysts estimates of seven cents and 10 cents a year ago. That’s also very good.
In other words, BlackBerry is trending in the right direction. Let’s take a look at where the analysts think BB stock could be headed from here.
BB Stock: What Are the Expert BlackBerry Price Predictions?
Generally speaking, analyst predictions are bearish for BB stock. According to TipRanks, the average analyst consensus for BB stock is a moderate sell, with approximately 13% downside from here. That’s certainly not good.
That said, let’s look at some of the recent price predictions for BB stock. For reference, BlackBerry is currently trading at $10.70 at the time of writing.
- TD Securities analyst Daniel Chan reiterated his sell rating on BB stock, though he did raise his target price to $9 from $8.50 previously.
- Similarly, RBC Capital Markets analyst Paul Treiber reiterated his underperform rating. Treiber gave BB stock a $7.43 price target.
- Michael Walkley of Cannacord Genuity is slightly more bullish, with a hold rating and a $10 price target.
- Similarly, CIBC’s Todd Coupland thinks BB stock is worth $11 per share, though he maintains a sell rating on this stock.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.