BlackBerry upgraded to Hold at TD Securities following 68% decline

As previously reported, TD Securities upgraded BlackBerry to Hold from Reduce with a price target of $4, up from $3.75. The shares have declined by about 68% since the firm downgraded the stock in June 2021 during "the meme trades run," TD notes. With the pandemic behind, the automotive supply-chain improving and its patent sale completed, the firm now sees less downside risk to BlackBerry shares, the analyst tells investors in a post-earnings research note.