Analysts: BlackBerry Overshot Tangible Assets and 3 More Research Notes to Look Over
BlackBerry (NASDAQ:BBRY): Pacific Crest believes that many investors may not have realized that BlackBerry has $5.3 billion in off-balance sheet purchase obligations, as the company disclosed in a June regulatory filing. The firm thinks the company’s balance sheet likely overstates the value of its tangible assets while its IP value has been diminished. The firm keeps an Underperform rating on the stock.
Wal-Mart (NYSE:WMT): RW Baird lowered its price target on Wal-Mart to $83 from $88 following its second quarter results and lowered outlook. The firm cited management guidance but believes easier comps and sharper price investments increase the odds of sequential comp improvements across the second half of 2013. The shares remain Outperform rated.
Boeing Co. (NYSE:BA): Oppenheimer believes that the chances that Boeing will have to take charges on its 747, F-15, and C-17 planes in 2013 are increasing. The firm’s bias is to use any related weakness in the stock as a buying opportunity as it still expects Boeing to generate about $10 billion of free cash flow in coming years. Oppenheimer keeps an Outperform rating on the stock.
Nordstrom (NYSE:JWN): Sterne Agee has downgraded Nordstrom to Neutral from Buy, citing softness in high-end discretionary consumer spending, investment spending, limited earnings upside, and lack of catalysts. The price target is $62.