Why BlackBerry Stock Is Tumbling Thursday
Portfolio Pulse from Adam Eckert
BlackBerry Ltd (NYSE:BB) shares are trading lower after the company reported preliminary second-quarter results. The company expects Q2 revenue to be approximately $132 million, lower than previously forecasted due to select government deals failing to close during the quarter. BlackBerry revised its current year IoT revenue outlook due to a shift in the start date for some automakers' software development programs. RBC Capital analyst Paul Treiber reiterated BlackBerry with a Sector Perform rating and price target of $4.50.
September 07, 2023 | 1:09 pm
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BlackBerry's shares are trading lower due to lower than expected Q2 revenue and a revised IoT revenue outlook. The stock has a Sector Perform rating and a price target of $4.50 from RBC Capital.
BlackBerry's shares are trading lower due to the company's lower than expected Q2 revenue forecast. This is primarily due to select government deals failing to close during the quarter. Additionally, the company revised its IoT revenue outlook for the year, which could further impact the stock. RBC Capital's Sector Perform rating and price target of $4.50 also indicate a neutral to negative short-term outlook for the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100