BlackBerry stock is still not a buy, RBC says

Still not convinced.

Mark RBC analyst Paul Treiber as one who was not impressed by BlackBerry’s (BlackBerry Stock Quote, Chart, News, Analysts, Financials NYSE:BB) second quarter results.

On September 26, BlackBerry reported its Q2, 2025 results. The company posted break-even EBITDA on revenue of $145.0-million.

“BlackBerry reached a significant milestone on our path to profitability by recording breakeven adjusted EBITDA and non-GAAP EPS. This result was achieved through a combination of stronger than expected, double-digit revenue growth for both IoT and Cybersecurity, as well as tremendous ongoing progress in rationalizing our cost structure. Operating expenses for the quarter were 24% lower than the baseline for the prior year,” CEO John J. Giamatteo said. “QNX delivered strong royalty revenue again this quarter, and there was year-over-year revenue growth for the secure communications products in our Cybersecurity division.”

In a September 26 update to clients, Treiber maintained his “Hold” rating and price target of $3.00 on BB.

Benzinga Editor Anusuya Lahiri summarized Treiber’s report.

“Treiber noted his target valuation multiple on IoT is justified below Auto Tech peers given lower forecasted growth, and his target valuation multiple on Cybersecurity is justified below Cybersecurity peers given the segment’s historical struggles and lack of profitability,” the editor said. “Treiber noted that visibility to sustained profitability has improved following the material drop in BlackBerry’s operating expenditures. However, visibility to revenue growth is less clear, given the headwinds of industry and competition. The analyst noted that the near-term stabilization of BlackBerry’s business and profitability may help lift valuation from trough levels. He said a material re-rating in the stock will likely depend on sustained profitability and growth, along with other potential value-creation strategies like the sale or spin-out of Cybersecurity business.”

Shares of BlackBerry closed Friday down $0.02 to $2.52.