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BlackBerry rose the most in almost three months after Societe Generale SA boosted its rating on the stock to buy from sell, saying channel checks show that new devices are selling well.
The shares gained 6.3 percent to $14.42 at the close in New York, the biggest jump since March 20. The stock has climbed 21 percent this year.
“Our base case scenario now assumes that the new handset sales have been faster than we previously assumed,” Andy Perkins, a Societe Generale analyst, wrote.
Societe Generale forecasts Z10 sales of more than 4 million in the fiscal first quarter, up from 1 million in the prior period. Q10 devices could reach almost 1 million, according to an investor note.
First-quarter revenue may be $3.7 billion, up from $2.7 billion in the prior period, he said. That compares with an average analyst estimate of $3.4 billion, according to data compiled by Bloomberg.
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