Cramer Quick Take: BlackBerry Back From the Dead
NEW YORK (TheStreet) -- Shares of BlackBerry (BBRY) were up more than 5% in today's trading on the heels of a bold analyst upgrade with a $22 price target on the stock, and Jim Cramer told Debra Borchardt at TheStreet.com Wednesday that he thinks the company just might be able to hit that number. Morgan Stanley upgraaded the stock from underweight to overweight.
Cramer said that BlackBerry was one of a cohort of stocks where the balance sheet had been called into question, sending its stock sharply lower. But over time, the company has put those fears to rest and proven that it's a cash cow with plenty of subscribers to help it transition to new technology. Cramer said if BlackBerry can push through the $15.90 level, then it will likely achieve the analysts' $22 price target.
Watch the full Cramer interview here.
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-- Written by Scott Rutt in Washington.
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