BlackBerry price target lowered to $5 from $6 at Baird

Baird analyst Luke Junk lowered the firm’s price target on BlackBerry to $5 from $6 and keeps a Neutral rating on the shares. The analyst said IoT registered another solid quarter, highlighted by continued strong design phase activity which foreshadows future royalty outgrowth, and management is investing/hiring. Cybersecurity investments, conversely, will be measured but incremental progress is foreseen.