- Ever-bearish Pac Crest is concerned about top shareholder Fairfax Financial's resignation from BlackBerry's (BBRY +6.3%) board. Though officially done in the name of eliminating conflicts of interest, the firm sees the announcement as bad news.
- Fairfax CEO Prem Watsa says his firm has "no current intention of selling its shares."
- Bernstein, meanwhile, thinks BlackBerry's decision to evaluate strategic alternatives "suggests ongoing operations are a disaster."
- Citing recent deals (inc. Dell's), TD Securities sees only a ~25% buyout premium, which implies a price of $12.20/share. Silver Lake and TPG are viewed as the most likely partners.
- Shares are still higher, but have pared their gains some.
- More on BlackBerry