TORONTO, June 20 Shares in BlackBerry Ltd
, which had surged on Thursday after the company
reported better-than-expected results, rallied further after
investment newsletter Citron Research - typically known as a
short-seller - touted the stock in a report on Friday.
Citron, which had turned bullish on BlackBerry early this
year, once again raised its price target on shares of the tech
company, to $20 from $15, sending shares in BlackBerry up 4.5
percent to $9.50 in late morning trading on the Nasdaq.
"We were excited about new CEO John Chen and the future of
their enterprise software business, as well as their other
unrecognized and undervalued properties," said the firm in a
Chen, who took the reins at BlackBerry seven months ago, has
worked rapidly to trim costs, giving the Waterloo, Ontario-based
company more time to stabilize its struggling handset business
and earn more money from services and software.
BlackBerry shares surged more than 10 percent after results
showed early signs that its turnaround efforts are starting to
pay-off, fueling hopes that Chen can deliver on a pledge to
return the company to steady profits.
(Reporting by Euan Rocha; Editing by Nick Zieminski)