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(Fernando Morales/The Globe and Mail)

Monday’s analyst upgrades and downgrades

Inside the Market’s roundup of some of today’s key analyst actions. This file will be updated during the trading day.

BlackBerry Limited needs to cut its operating expenditure by 20 per cent below its target of $2-billion a year in order to be profitable, said Raymond James analyst Steven Li.

The company’s partnership with Foxconn should help “accelerate break-even on hardware,” Mr. Li wrote in a research note, but breaking even overall “remains a moving target” as revenue from its lucrative services division continues to decline, he said. BlackBerry reports earnings on Thursday.