RBC maintains “Hold” rating on BlackBerry

RBC analyst Paul Treiber is still not fully convinced that BlackBerry (BlackBerry Stock Quote, Chart, News, Analysts, Financials NYSE:BB) is having the renaissance suggested by its recently buoyant share price.

On March 31, in a research update to clients, Treiber maintained his “Hold” rating and price target of (US) $4.00 on BlackBerry.

On April 2, BlackBerry reported its Q4 and fiscal 2024 results. In the fourth quarter, the company posyed Adjusted EBITDA of $21.1-million on revenue of $141.7-million.

“BlackBerry closed out this transformational fiscal year with another quarter of strong financial performance from all three divisions: QNX, Secure Communications and Licensing. We also took a big step forward by completing the sale of the Cylance business to Arctic Wolf, a win-win for all parties, and significantly strengthening our balance sheet in the process.” CEO John J. Giamatteo said. “We started the year with a goal to deliver profitability and positive cash flow, and we’re pleased we delivered across the board. BlackBerry goes into the new fiscal year in a strong financial position, with a solid balance sheet that provides optionality for driving shareholder value.”

At press time, shares of BlackBerry on the NYSE were down 13.4% to $3.23.