UPDATE: Canaccord Genuity Upgrades BlackBerry Limited (BB) to Hold
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Canaccord Genuity analyst T. Michael Walkley upgraded BlackBerry Limited (NYSE: BB) from Sell to Hold with a price target of $9.00 (from $10.00).
The analyst comments "BlackBerry reported weaker-than-expected Q4/F21 results primarily driven by licensing headwinds due to ongoing negotiations for the sale of part of its mobile device patent portfolio. Should management reach a deal to sell the licensing business, we believe this could help unlock value and provide a capital infusion to drive accelerated software and services growth. While we believe management has created a cogent long-term strategy and the business is turning the corner towards stronger trends, we await more proof in execution on the new product roadmap, evidence of cross-selling opportunities emerging, growing overall software and services revenue, and the potential for upside to our estimates before becoming more constructive on the shares. However, we believe the software and services fundamentals should improve throughout F2022, leading us to upgrade from Sell to HOLD. We are lowering our price target to $9 from $10 based on roughly 5x EV/sales on our F2023 estimate."
Shares of BlackBerry Limited closed at $9.34 yesterday.
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