Analyst Update: BlackBerry, Cliffs Natural, Verizon

Analysts adjusted their ratings on BlackBerry Ltd (BBRY), Cliffs Natural Resources Inc (CLF), and Verizon Communications Inc. (VZ)

Josh Selway

Jan 21, 2015 at 12:11 PM

BBRY
CLF
VZ

Analysts are weighing in today on smartphone maker BlackBerry Ltd (NASDAQ:BBRY), commodities concern Cliffs Natural Resources Inc (NYSE:CLF), and telecommunications giant Verizon Communications Inc. (NYSE:VZ). Here's a quick look at today's brokerage notes on BBRY, CLF, and VZ.

Despite offering a bearish view on BBRY's fourth-quarter revenue outlook, RBC spoke positively about the stock's future, saying it "may recognize better device units" and "higher software bookings" beyond this quarter. Today, the equity is 1.4% higher at $10.18, but remains 5.6% lower year-over-year. In recent months, BlackBerry Ltd has been trending higher atop support at its 200-day moving average. If BBRY does gain additional ground on the charts, there's plenty of cash on the sideline to provide a boost. Nearly one-quarter of the security's float is sold short, and would take over eight sessions to buy back, at BBRY's average daily pace of trading.

CLF is up 1.3% at $8.57, after Brean Capital raised its price target to $6 from $5, but kept its "sell" rating. The security has struggled on the charts, dropping close to 60% in the last 52 weeks. Still, speculators have been staying upbeat. Cliffs Natural Resources Inc's 10-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) call/put volume ratio of 1.36 ranks in the 72nd percentile of its annual range, showing a healthier-than-normal appetite for calls over a puts. Yet, with over half of CLF's float sold short, the recent surge in call buying could be the work of short sellers hedging their bets.

After being cut to "equal weight" from "overweight" at Barclays, VZ is down 0.4% at $47.98. In the past three months, Verizon Communications Inc. has underperformed the S&P 500 Index (SPX), and option bears have stepped up in response. At the ISE, CBOE, and PHLX, the equity's 10-day put/call volume ratio of 0.80 ranks in its 80th annual percentile. Conversely, the brokerage bunch remains mostly bullish, with 75% of analysts rating the security a "buy" or better. VZ will present fourth-quarter earnings before the bell tomorrow.

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