BlackBerry: Wells Fargo maintains 'market perform' rating.
(CercleFinance.com) - Wells Fargo Securities maintains a "market perform" rating on BlackBerry after the company has been awarded 940 million dollars from an arbitration with Qualcomm.
The broker points out that the payment is 125 million dollars over the previously announced sum (815 million dollars).
"We expect the award should grow its balance to at least two billion dollars," Wells Fargo said.
The broker believes the additional cash should give BlackBerry greater financial flexibility, prompting it to hope for more details regarding the use of cash.
Wells Fargo also notes that the company's 605 million dollar convertible debt is not redeemable before maturity in November 2020.
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