BlackBerry price target lowered to $4.50 from $5.00 at RBC Capital

RBC Capital lowered the firm’s price target on BlackBerry to $4.50 from $5.00 and keeps a Sector Perform rating on the shares. The company’s Q1 results missed consensus estimates, with the shortfall reflecting deferred automotive ramps and the close of only one large slipped Cybersecurity deal, which is recognized on a ratable basis as opposed to upfront license revenue, the analyst tells investors in a research note. The firm adds that investor visibility has incrementally declined following the quarter.