BlackBerry Ltd Price Target Raised At Deutsche Bank

In a note dated September 26, Deutsche Bank increased its price target on BlackBerry Ltd (NASDAQ: BBRY) from $8 to $9, while maintaining a Hold rating.

According to analyst Brian Modoff, hand set sales appear to be bottoming, at least for now. He looks for software sales to grow, but BlackBerry will still face a challenge to offset service declines. Modoff also feels the upcoming Classic release will be important and should incorporate enough of the older features, especially the older keyboard and ease of use with email.

Deutsche Bank noted that upside risks to its $9 price target include the potential for BlackBerry's new platform BB10 to outpace our expectations. Downside risks include cash burn accelerating beyond our expectations and slower conversion rates.

Shares were last trading down 0.49 percent at $10.21.