BlackBerry price target raised to (U.S.) $4.00 at RBC

Following the company’s first quarter results, RBC analyst Paul Treiber has raised his price target on BlackBerry (BlackBerry Stock Quote, Chart, News, Analysts, Financials NYSE:BB).

On June 24, BlackBerry reported its Q1, 2026 results. The company posted Adjusted EBITDA of $16.4-million on revenue of $121.7-million.

“BlackBerry made a strong start to the new fiscal year, building on the solid foundation we as a company have laid over the past year,” CEO John J. Giamatteo said. “Both our QNX and Secure Communications divisions continue to execute effectively against their strategies, beating both top line and profitability expectations. BlackBerry’s solid balance sheet and plan for continuing profitability and cash generation this fiscal year enable us to allocate capital efficiently, with $10 million of share buybacks executed this past quarter.”

Treiber says the macro environment is unclear for BlackBerry right now and the company is not being more bullish than it should be.

“BlackBerry reported Q1 above RBC/consensus due to better than expected Secure Comms and QNX revenue,’ Treiber wrote. ”While BlackBerry slightly increased FY26 guidance, the outlook is conservative and still assumes an uncertain auto/macro environment. Even though BlackBerry is seeing good pipeline growth, visibility to auto production is low and new deals may be pushed out.”

As reported by the Globe and Mail, Treiber June 25 maintained his “Sector Perform” rating on BB, but raised his price target on the stock from $3.75 to $4.00.

“Our Sector Perform thesis reflects our view that a material upward re-rating in the shares requires improved growth, which seems less likely at the moment,” he added. “BlackBerry is trading at 4.6 times NTM EV/S [next 12-month enterprise value to sales], above its historical average (4.0 times), though below auto tech peers at 5.7 times.”