BlackBerry price target lowered to $4.50 from $5.00 at Canaccord

Canaccord analyst T. Michael Walkley lowered the firm’s price target on BlackBerry to $4.50 from $5.00 and keeps a Hold rating on the shares. The analyst said while management has created a cogent long-term strategy and several parts of the business are turning the corner toward improving growth trends, his is awaiting more proof in execution on the new Cybersecurity product roadmap, evidence of cross-selling opportunities emerging, growing software and services revenue, and the potential for upside to our estimates before becoming more constructive on the shares.