|Globe says BlackBerry seen trading above fair value|
BlackBerry Ltd (C:BB)
Shares Issued 566,994,978
Last Close 9/23/2021 $13.44
Friday September 24 2021 - In the News
The Globe and Mail reports in its Friday, Sept. 24, edition that BlackBerry remains an "underperformer" for CIBC analyst Todd Coupland, who recommends investors wait for a more opportune time to buy. The Globe's David Leeder writes that Mr. Coupland shaved his share target by a buck to $10 (all figures U.S.). Analysts on average target the shares at $8.29. BlackBerry recently posted second quarter result that exceeded Mr. Coupland's expectations, but not enough to warrant an upgrade. Mr. Coupland says in a note: "While Q2 appears to be the low quarter for this year, the expected recovery during the second half of F2022 is expected to be modest in QNX due to automotive semiconductor shortages and Spark experiencing an extended sale cycle. One important offset is the patent portfolio sale is now expected to be announced by November. Management indicated that negotiations had progressed to a point where a definitive agreement was highly likely. Despite that, we believe the recent rise in Blackberry's share price due to interest from Reddit users has pushed it past its fair value given muted growth prospects." The Globe reported on June 29 that Mr. Coupland said do not buy BlackBerry, which was then worth $12.24.
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