BUZZ-BlackBerry Ltd: Five brokerages cut PTs

Mon Sep 28, 2015 3:18pm EDT
 
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** Canadian smartphone maker's U.S.-listed shares down 3.5 pct at $6.26; Toronto shares down 3 pct at C$8.38

** Stock touched near 2-year low of $6.14 earlier

** Five brokerages cut PTs after BlackBerry reported weaker-than-expected quarterly results on Friday and company said it might replace its operating system with Google Inc's Android platform

** Raymond James cuts PT to $8 from $10.25, UBS to $7.50 from $10, RBC Capital Markets to $8 from $9, BMO Capital Markets to $7 from $9 and Exane BNP Paribas by 22 pct to $7

** Median PT is $7

** Company said it expects future acquisitions to help reach $500 mln revenue target

** "Guidance suggests near-term financials may stabilize, but long-term visibility remains low," RBC Capital Markets analysts say

** More than 10 mln shares traded by 2:43 p.m. ET, compared with 25-day average volume of 7,451,868

** Up to Friday's close, U.S.-listed stock had declined nearly 41 pct this year