BlackBerry upgraded to Hold at Needham
Needham upgrades BBRY to Hold from Underperform on the strength and competence of the company's new management team and the possibility of an upside surprise in BlackBerry sales later this year. John Chen, the new CEO, seems to have brought adult supervision to the company. Firm sees potential for a meaningful upgrade cycle in the co's installed base later this year when BlackBerry introduces its new "Classic" business smartphone. Firm is raising its fiscal 2015 estimate from a loss of $3.85 to a loss of $1.75.