BlackBerry Ltd Slumps On Downgrade From Cormark

Analysts at Cormark Securities downgrades shares of BlackBerry Ltd (NASDAQ: BBRY) from Buy to Market Perform with an $11.50 price target.

Richard Tse stated, "Our rationale is based on the fact that the quiet run in BBRY’s stock price (+47% YTD) has taken the stock to within 5% of our $11.50 price target."

Following the comments from Cormark, shares of BlackBerry dropped 3.4 percent and closed at $10.56.

BlackBerry is scheduled to announce second quarter 2015 earnings on September 26.