Reuters: Technology News: BlackBerry shares higher after Morgan Stanley upgrade

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BlackBerry shares higher after Morgan Stanley upgrade Mar 20th 2013, 17:56 Tweet Share this Email Print Related News BlackBerry plans security feature for Android, iPhone Fri, Mar 15 2013 BlackBerry shares surge on huge order for new devices Wed, Mar 13 2013 BlackBerry shares rally on AT&T launch, takeover hopes Mon, Mar 11 2013 Dow ends at record again, S&P posts seventh straight gain Mon, Mar 11 2013 Apple signals emerging-market rethink with India push Mon, Feb 25 2013 Analysis & Opinion Where did Apple's missing market value go? Goldman-Morgan rivalry gets personal in Asia Related Topics Tech » Hot Stocks » Asian Markets » A Blackberry smartphone is displayed in this August 12, 2010 illustrative photo taken in Hong Kong. Credit: Reuters/Bobby Yip TORONTO | Wed Mar 20, 2013 1:56pm EDT TORONTO (Reuters) - Shares of BlackBerry rose more than 7 percent on Wednesday after Morgan Stanley upgraded the stock and doubled its price target for shares of the smartphone maker, as it sees the company's new BlackBerry 10 devices boosting margins. The brokerage firm did a double upgrade on BlackBerry's stock, bumping it to "over weight" from "under weight," saying that it now believes the firm's handset unit can support itself moving forward and will no longer have to rely on its services arm to support it. Morgan Stanley analyst Ehud Gelblum, who raised his price target on the company to $22 from $10, said he still believes that BlackBerry will remain a niche player, mostly selling to its existing base of Blackberry users. "However, in contrast to our prior thinking, we now believe there may be room in the handset market for niche midrange players." said Gelblum in a note to clients. Blackberry shares were up 7.8 percent at $16.20 in afternoon trading on Nasdaq, while it's Toronto-listed shares rose by a similar margin to C$16.62. BlackBerry is expected to report its fiscal fourth-quarter results on March 28, giving investors a glimpse of the kind of traction its new Z10 touchscreen device is generating. The device is currently on sale in over 20 countries, but is only set to begin launching with major U.S. carriers at the end of this week. (Reporting by Euan Rocha; Editing by Bob Burgdorfer) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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