UPDATE: CIBC Downgrades BlackBerry Limited (BB) to Underperformer, 'Recovery Will Be Muted In Second Half Of F2022'
CIBC analyst Todd Coupland downgraded BlackBerry Limited (NYSE: BB) from Neutral to Underperformer with a price target of $11.00 (from $9.00).
The analyst comments "We are reiterating our Buy-rating on SRE shares ahead of the company's Investor Day on June 29th. We believe the company will announce more concrete plans around use of proceeds for the ~$3.37 billion of cash it is to receive following the divestiture of 20% of Sempra Infrastructure Partners (SIP). We are looking for the company to announce additional capital projects at both its CA and TX utilities, as well as opportunities to pay down debt at the Holdco. Ultimately, we believe the Investor Day will provide a number of positive catalysts for SRE shares."
Shares of BlackBerry Limited closed at $12.12 yesterday.
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