BlackBerry (BB) Gets a Hold Rating from Canaccord Genuity

By Ryan Adsit

In a report released yesterday, Michael Walkley from Canaccord Genuity maintained a Hold rating on BlackBerry (BBResearch Report), with a price target of $6.00. The company’s shares closed last Tuesday at $4.13.

According to TipRanks.com, Walkley is a top 100 analyst with an average return of 14.4% and a 60.5% success rate. Walkley covers the Consumer Goods sector, focusing on stocks such as Telefonaktiebolaget LM Ericsson, Sequans Communications S A, and Adesto Technologies.

BlackBerry has an analyst consensus of Moderate Buy, with a price target consensus of $6.33, implying a 58.6% upside from current levels. In a report issued on March 19, RBC Capital also maintained a Hold rating on the stock with a $5.00 price target.

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Based on BlackBerry’s latest earnings release for the quarter ending November 30, the company reported a quarterly revenue of $267 million and GAAP net loss of $32 million. In comparison, last year the company earned revenue of $226 million and had a net profit of $59 million.

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BlackBerry Ltd. engages in the provision of enterprise software and services, which focuses on securing and managing Internet of Things endpoints. It offers a platform comprised of communication and collaboration software and safety-certified embedded solutions. The company was founded by Michael Lazaridis, James Laurence Balsillie, and Douglas E. Fregin on March 7, 1984 and is headquartered in Waterloo, Canada.