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BlackBerry Ltd - Stock Quote BB

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Morningstar's BlackBerry Ltd Stock Analysis

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Is it the right time to buy or sell?

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BlackBerry’s Q1 Left Us Nonplussed and Waiting for a Cyber Inflection; $7 FVE

Analyst Note

| William Kerwin |

We’re maintaining our $7 fair value estimate for BlackBerry shares following fiscal first-quarter results that were modestly ahead of FactSet consensus and a hair below our own expectations. BlackBerry’s automotive business is signaling a rebound, but we await an inflection point for the firm’s cybersecurity business. We maintain our view that BlackBerry is aligned to long-term secular growth themes of connected and autonomous vehicles and zero-trust security, but that neither has given rise to an economic moat. We continue to expect BlackBerry to fall short of its ambitious fiscal 2027 analyst day targets, unless its execution improves, despite our forecast for meaningful growth. We view shares as undervalued currently, but caution investors that we assign a very high uncertainty rating to the no-moat stock.

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BlackBerry Ltd's Company Profile

Business Description

BlackBerry, once known for being the world’s largest smartphone manufacturer, is now exclusively a software provider with a stated goal of end-to-end secure communication for enterprises. The firm provides endpoint management and protection to enterprises, specializing in regulated industries like government, as well as embedded software to the automotive, medical, and industrial markets.

2200 University Avenue East
Waterloo, ON, N2K 0A7, Canada
T +1 519 888-7465
Industry Software - Infrastructure
Most Recent Earnings May 31, 2022
Fiscal Year End Feb 28, 2023
Stock Type
Employees 3,325

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