BlackBerry stock is down 9.52% today after the Canadian technology company missed revenue targets in its latest earnings report.
The former smartphone maker said it earned 25 cents per share, compared with a loss of 56 cents a share a year earlier. Adjusted fourth-quarter profits amounted to $6 million, down from $14 million in the previous third quarter. However, BlackBerry reported that its fourth-quarter revenue declined 12%to $185 million from $210 million a year earlier. Wall Street had expected BlackBerry to post $29.3 million in adjusted losses on $186.8 million in revenue, according to Refinitiv.
Consequently, BB stock is down today, adding to losses for the year. So far in 2022, BlackBerry’s stock has fallen 30% to $6.60 a share. Where do analysts see the company’s share price heading in coming months? Here are three analyst price predictions for BlackBerry’s stock.
BB Stock Price Predictions
- TD Securities has a “sell” rating on BB stock and a price target of $7, implying 6% upside.
- RBC Capital Markets maintains a “hold” rating on BlackBerry’s stock and also has a $7 price target.
- Raymond James too has a “hold” rating on BB stock and a $7.60 price target, which would be about 15% higher than where the shares currently trade.
What’s Next for BlackBerry
Shareholders of BlackBerry stock are going to take a hit today following the company’s latest quarterly print that disappointed Wall Street. Among six analysts who cover BlackBerry, themedian price targeton the shares is currently $7.
The once-dominant smartphone maker is struggling to shift its business toward cybersecurity and the internet of things, with some of its software now used to pilot self-driving cars. Investors should approach BB stock with caution given its ongoing declines.