BlackBerry shares rally as brief-vendor touts inventory

BlackBerry shares rally as brief-vendor touts inventory

TORONTO (Reuters) – Shares in BlackBerry Ltd , which had surged on Thursday after the corporate reported higher-than-anticipated outcomes, rallied additional after funding publication Citron Research – sometimes generally known as a brief-vendor – touted the inventory in a report on Friday.

Citron, which had turned bullish on BlackBerry early this yr, as soon as once more raised its worth goal on shares of the tech firm, to $20 from $15, sending shares in BlackBerry up A.H % to $N.50 in late morning buying and selling on the Nasdaq.

“We have been enthusiastic about new CEO John Chen and the way forward for their enterprise software program enterprise, in addition to their different unrecognized and undervalued properties,” stated the agency in a report.

Chen, who took the reins at BlackBerry seven months in the past, has labored quickly to trim prices, giving the Waterloo, Ontario-based mostly firm extra time to stabilize its struggling handset enterprise and earn extra money from providers and software program.

BlackBerry shares surged greater than 10 % after outcomes confirmed early indicators that its turnaround efforts are beginning to pay-off, fueling hopes that Chen can ship on a pledge to return the corporate to regular income.

(Reporting by Euan Rocha; Editing by Nick Zieminski)