TD Securities Keeps a Buy Rating on BlackBerry

By Jason Carr

TD Securities analyst Daniel Chan reiterated a Buy rating on BlackBerry (NASDAQ: BBRY) yesterday. The company’s shares closed yesterday at $10.27.

Chan wrote:

“We have adjusted our estimates and increased our target price to $11.50 following the Qualcomm settlement. Impact: NEGATIVE The weak results this quarter have overshadowed some of the positive announcements made in the quarter. Despite the miss in software revenue, we see a number of near-term opportunities building in the pipeline that could contribute to a strong H2: Strong Radar traction: With FedEx as a customer, we believe that Radar’s opportunities will grow significantly. FedEx itself is a substantial customer, but we believe that it also serves as an important reference customer for new potential customers. We note that Radar has signed on increasingly larger customers in each of the last three quarters. The momentum seems to continue, with five proof-of-concepts moving to commercial discussions.”

Chan has an average return of 25.5% when recommending BlackBerry.

According to TipRanks.com, Chan is ranked #1322 out of 4596 analysts.

BlackBerry has an analyst consensus of Hold, with a price target consensus of $9.50.

Based on BlackBerry’s latest earnings report for the quarter ending May 31, the company posted quarterly revenue of $235 million and quarterly net profit of $671 million. In comparison, last year the company earned revenue of $400 million and had a GAAP net loss of $670 million.

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BlackBerry Ltd. engages in developing hardware and software solutions for mobile communications. It provides platforms and solutions, which support multiple wireless network standards through the development of integrated hardware and software services. The company was founded by Michael Lazaridis, James Laurence Balsillie and Douglas E.