CIBC raises price target on BlackBerry to (US) $7.00

The stock has been on fire since late last year, but CIBC analyst Todd Coupland thinks there is still money to be made on BlackBerry (BlackBerry Stock Quote, Chart, News, Analysts, Financials TSX:BB).

As reported by the Globe and Mail, Coupland February 24 maintained his “Outperform” rating while raising his price target on the stock from $6.00 to $7.00.

In November of 2024, Cantech Letter speculated as to whether or not shares of BlackBerry, which was trading below (US) $2.75 were in fact ready for a breakout.

“A string of pretty-good, maybe not great news is currently making BlackBerry stock look positively perky,” Cantech’s Nick Waddell wrote. “Last week, a judge in California dismissed a a harassment, discrimination and wrongful termination lawsuit against BlackBerry CEO John Giamatteo. That followed on news from earlier this month that Hyundai Mobis, a subsidiary of the Hyundai Motor Group, has selected BlackBerry Ltd.’s BlackBerry QNX to power its digital cockpit platform. The result is that BlackBerry might be looking like a buy for the first tie in a long time. Technical analysis of the stock from Trading View has most indicators flashing buy on the stock, with Moving Averages signaling “Strong Buy”. A cursory look at the chart shows a basic flat line pattern since June, something traders value when a stock breaks out, as BB may be doing right now. At press time, shares of BB on the TSX are up marginally on what would be a streak of six consecutive days without a downtick.”

At press time shares of BlackBerry on the NYSE were down 0.9% to $5.195.