8/13/2019 BlackBerry Citi Cuts to Sell; Shut-Down Would Eat All Its Cash

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BlackBerry: Citi Cuts to Sell; Shut-Down Would Eat All its Cash

As part of a raft of new coverage published this afternoon, Citigroups Ehud Gelblum,

who joined the firm in October after several years at Morgan tanley, assumes coverage

of !lac"!erry #!!$%& from 'im uva, replacing uva(s )eutral rating with a ell rating,

and a *+ price target, down from uva(s * target, writing that -we believe that!lac"berry remains challenged as a going concern and continues to be worth more in a

brea"up scenario, a strategy that current management does not appear to be following./

#0n case you were wondering, uva is still with Citigroup1 his coverage has shifted to

e2clusively following 03 supply chain firms and 03 hardware.&

hares of !lac"!erry today closed up 44 cents, or +5, at *6.7, after being in the red

most of the day and spi"ing late in the session. 3he company is set to report fiscal 89

earnings results on :ecember 4;th.

Gelblum thin"s the prospects of the business on an ongoing basis are dim, given how

much the mobile mar"et has shifted. !ut he also thin"s the cost to shut down the

businessmight not be worth it