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BlackBerry shares rise after Bernstein Research upgrades stock

Published on Feb 4, 2013 10:43 PM
Blackberry's President and Chief Executive Officer Thorsten Heins gesticulates as he introduced the new Blackberry 10 smartphones in New York on Jan 30, 2013. -- PHOTO: REUTERS

TORONTO (REUTERS) - Shares of BlackBerry rose nearly 6 per cent in trading before the opening bell on Monday after Bernstein Research said it was upgrading the stock to "outperform" after last week's launch of the company's new line of BlackBerry smartphones.

The brokerage firm, which has not had an "outperform" rating on the stock for over three years, also lifted its price target to US$22 (S$27) from US$12, saying it has grown more confident in the likely success of the devices, which are powered by the new Blackberry 10 operating system.

Shares of BlackBerry, which is changing its name from Research In Motion, rose 5.9 per cent to US$13.79 in premarket trading. The stock will begin trading under the "BBRY" symbol on Nasdaq on Monday.

As of Monday, shares of BlackBerry also begin trading under the "BB" symbol on the Toronto Stock Exchange. The stock used to trade as "RIMM" on the Nasdaq and "RIM" on the TSX.

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