BUZZ-BlackBerry Ltd: Morgan Stanley upgrades stock

Tue Jul 28, 2015 8:02am EDT
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** Canadian smartphone maker's U.S.-listed shares up 3 pct at $7.50

** Morgan Stanley raises to "equal-weight" from "underweight"

** "While there is no evidence of a fundamental business turnaround, BlackBerry has flexibility with cash and opportunity for opex cuts," Morgan Stanley analysts said in a note

** Three of 34 brokerages rate the stock "buy" or higher, 20 "hold" and 11 "sell"; their median PT is $9.00

** Up to Monday's close, stock had fallen nearly 27 pct in the last 12 months on Nasdaq