BlackBerry Earnings Bode Well for Additional Upside

BlackBerry Limited surprised Wall Street with a strong third quarter earnings report on Wednesday morning, indicating that reorganizational efforts are finally paying off and allowing the former tech giant’s shares to emerge from a multi-year bear market. Three strong quarters and a healthy fiscal-year outlook could lift the stock into the upper teens in the first half of 2018, while rapid growth in its autonomous driving division could power more dramatic gains in coming years.

The stock bottomed out in 2013 following a near death spiral from $148 to $5.44 and has made limited progress since that time, stuck in a seven-point trading range while the majority of the tech universe blasted to bull market and all-time highs. Fortunately for long-suffering shareholders, this week’s report could ignite a January Effect rally that lifts the stock through range resistance and into the first major uptrend in nearly a decade. (See also: BlackBerry Stock Breaks Out on Positive Earnings.)

BlackBerry stock has rallied into two-year resistance after a strong earnings report and could break out, heading for the upper teens. …read more

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Category: BB

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