BlackBerry's full-year guidance also was lackluster
BlackBerry Ltd (NYSE:BB) has reversed its premarket losses in a big way, up 14.6% at $4.55 at last glance. The software company's fourth-quarter revenue whiffed on estimates, while full-year guidance also disappointed. Nevertheless, TD Securities upgraded the stock to "hold" from "reduce," with a price-target hike to $4 from $3.75.
On track for its third-straight weekly win, BB is looking to close out a winning quarter -- up 39.7% since the start of the year. Long-term pressure at the 160-day moving average now looms and appears to be keeping today's gains in check.
Options bulls are chiming in after the earnings event, with 34,000 calls exchanged so far -- 13 times the intraday average -- in comparison to 8,874 puts. The weekly 3/31 4.50-strike call is the most popular, followed by the 4-strike call in the same series.
All eight analysts in coverage still carry a "hold" or worse rating on BB, leaving plenty of room for optimism moving forward. Plus, the 12-month consensus price target of $4.77 is a chip shot away from current levels.