BlackBerry price target lowered to $4 from $5 at TD Securities

TD Securities lowered the firm’s price target on BlackBerry to $4 from $5 and keeps a Hold rating on the shares after the company announced it would separate its business units and pursue a subsidiary initial public offering for the internet of things business. The share price has pulled back considerably following earnings last week, which is due to the view that an outright sale of the entire company was unlikely, the analyst tells investors in a research note. The firm believes the lack of restructuring in this strategic-review update suggests its $4.00 per share status-quo scenario is most relevant. However, the board is leaving the outcome very open-ended, which “implies significant optionality is still on the table,” contends TD