BlackBerry price target lowered to $2.70 from $3.25 at Canaccord

Canaccord lowered the firm’s price target on BlackBerry to $2.70 from $3.25 and keeps a Hold rating on the shares. The company reported Q1 results slightly ahead of expectations, driven by a solid Cybersecurity quarter, the analyst tells investors in a research note. The firm says BlackBerry is executing on its cost reduction plans to create a more sustainable, profitable company. However, Canaccord awaits more proof in execution, profitable growth trends for the Cybersecurity business, and the potential for upside to estimates before becoming more constructive on the shares.