UPDATE: Deutsche Bank Downgrades BlackBerry to Sell Following In-Line Q4 Revenues

In a report published Monday, Deutsche Bank analyst Brian Modoff downgraded the rating on BlackBerry (NASDAQ: BBRY) from Hold to Sell, and lowered the price target from $8.00 to $6.00.

In the report, Deutsche Bank noted, “Blackberry announced Q4 revenues of $3.1 billion, in-line with our estimate but below consensus of $3.4 billion. Pro-forma EPS was ($0.13), below our estimate of ($0.11) and consensus of $0.07. The company shipped 6.8 million smartphone units in the quarter, including 2.7 BB10 units. This compares to our estimate of 2.5 million BB10 units and consensus of 3.1 million. Unfortunately it appears that our longer-term view of the firm's challenges have borne out much more quickly, a result of the extremely competitive smartphone market. As a result, we downgrade to Sell and lower our price target from $8 to $6.”

BlackBerry closed on Friday at $10.46.