Baird lowered the firm’s price target on BlackBerry to $5.50 from $6.00 and keeps a Neutral rating on the shares. The firm noted they negatively pre-announced 2Q results after the close. Significantly lower Cybersecurity revenue is primarily driving the miss although IoT revenue was also below their view and full-year guidance was reduced as well.
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Read More on BB:
- BlackBerry (NYSE: BB) Sinks as Preliminary Q2 Revenues Miss Estimates
- BlackBerry Reports Preliminary Second Quarter Fiscal Year 2024 Results
- BlackBerry sees Q2 revenue $132M, consensus $156.85M
- BlackBerry put volume heavy and directionally bearish
- BlackBerry price target raised to $6.00 from $5.50 at Baird