CIBC Upgrades BlackBerry to Outperform from Neutral
ByAinvest
Thursday, Jun 27, 2024 8:48 am ET1min read
BB--
BlackBerry Limited (NYSE: BB), the Canadian smartphone maker, received a significant boost on [NUMBER:1] when CIBC Capital Markets upgraded its rating on the stock from Neutral to Outperform [1]. This upgrade came after the company's disappointing earnings reports earlier in the year, which left its shares down 19.7% for 2018, and 6.7% over the past month [1].
The analyst behind the upgrade, Todd Coupland, set a price target of $14 on the stock, implying a potential upside of 56% [1]. This upgrade comes after several downgrades and neutral ratings from other analyst firms, such as RBC Capital, Baird, and TD Securities [NUMBER:2]. However, the consensus price target for BlackBerry from these firms is $3.75, which implies a more modest upside of 9.57% [NUMBER:2].
Despite the recent earnings disappointments and negative sentiment surrounding the stock, BlackBerry has been making strides in other areas. For instance, the company's Internet of Things (IoT) subsidiary, BlackBerry Radar, has been gaining traction in the market, with the potential to generate significant revenue for the company [1]. Additionally, the company's security software business has been growing, driven by the increasing demand for cybersecurity solutions [1].
In conclusion, the upgrade of BlackBerry to Outperform by CIBC Capital Markets provides a positive outlook for the stock, with a potential upside of 56%. However, it is important to note that the stock has experienced significant volatility in the past, and investors should exercise caution when making investment decisions based on a single analyst upgrade.
References:
[1] Seeking Alpha. BlackBerry Boosted by CIBC Shares Plus 2.5%. https://seekingalpha.com/news/3410870-blackberry-boosted-cibc-shares-plus-2_5-percent
[2] Benzinga. BlackBerry Ltd (BB) Analyst Ratings. https://www.benzinga.com/quote/BB/analyst-ratings
RBC--
TD--
CIBC Upgrades BlackBerry to Outperform from Neutral
BlackBerry Limited (NYSE: BB), the Canadian smartphone maker, received a significant boost on [NUMBER:1] when CIBC Capital Markets upgraded its rating on the stock from Neutral to Outperform [1]. This upgrade came after the company's disappointing earnings reports earlier in the year, which left its shares down 19.7% for 2018, and 6.7% over the past month [1].
The analyst behind the upgrade, Todd Coupland, set a price target of $14 on the stock, implying a potential upside of 56% [1]. This upgrade comes after several downgrades and neutral ratings from other analyst firms, such as RBC Capital, Baird, and TD Securities [NUMBER:2]. However, the consensus price target for BlackBerry from these firms is $3.75, which implies a more modest upside of 9.57% [NUMBER:2].
Despite the recent earnings disappointments and negative sentiment surrounding the stock, BlackBerry has been making strides in other areas. For instance, the company's Internet of Things (IoT) subsidiary, BlackBerry Radar, has been gaining traction in the market, with the potential to generate significant revenue for the company [1]. Additionally, the company's security software business has been growing, driven by the increasing demand for cybersecurity solutions [1].
In conclusion, the upgrade of BlackBerry to Outperform by CIBC Capital Markets provides a positive outlook for the stock, with a potential upside of 56%. However, it is important to note that the stock has experienced significant volatility in the past, and investors should exercise caution when making investment decisions based on a single analyst upgrade.
References:
[1] Seeking Alpha. BlackBerry Boosted by CIBC Shares Plus 2.5%. https://seekingalpha.com/news/3410870-blackberry-boosted-cibc-shares-plus-2_5-percent
[2] Benzinga. BlackBerry Ltd (BB) Analyst Ratings. https://www.benzinga.com/quote/BB/analyst-ratings
Stay ahead of the market.
Get curated U.S. market news, insights and key dates delivered to your inbox.
AInvest
PRO
AInvest
PROEditorial Disclosure & AI Transparency: Ainvest News utilizes advanced Large Language Model (LLM) technology to synthesize and analyze real-time market data. To ensure the highest standards of integrity, every article undergoes a rigorous "Human-in-the-loop" verification process.
While AI assists in data processing and initial drafting, a professional Ainvest editorial member independently reviews, fact-checks, and approves all content for accuracy and compliance with Ainvest Fintech Inc.’s editorial standards. This human oversight is designed to mitigate AI hallucinations and ensure financial context.
Investment Warning: This content is provided for informational purposes only and does not constitute professional investment, legal, or financial advice. Markets involve inherent risks. Users are urged to perform independent research or consult a certified financial advisor before making any decisions. Ainvest Fintech Inc. disclaims all liability for actions taken based on this information. Found an error?Report an Issue
Comments
No comments yet