BlackBerry

BB · TORONTO

$8.92+$0.33 (+3.84%)TodayMarket closed · Oct 23, 7:59 PM ET

Prev close $8.59

BB analyst rating

BuyConsensus of 6 analysts over the last 12 months. 50% rate it a buy.

Strong buy0
Buy3
Hold3
Underperform0
Sell0

12-month price target · 8 analysts

Average $7.08 (−20.6% downside)

Low: $5.59
Now: $8.92
High: $9.72

Upgrades and downgrades

The latest rating actions, newest first

BB analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Amerx	Oct 8, 2026	Initiates	Buy	$13.50	28%
Canaccord Genuity	Sep 25, 2026	Maintains	Hold	$10.30 → $9.50	58%
RBC Capital	Sep 25, 2026	Maintains	Sector Perform	$9.00	61%
RBC Capital	Sep 21, 2026	Maintains	Sector Perform	$9.00	61%
RBC Capital	Jun 29, 2026	Maintains	Sector Perform	$4.50 → $9.00	61%
CIBC	Jun 26, 2026	Maintains	Outperformer	$10.00 → $13.00	59%
Canaccord Genuity	Jun 26, 2026	Maintains	Hold	$8.20 → $10.30	58%
Canaccord Genuity	Jun 24, 2026	Maintains	Hold	$4.40 → $8.20	60%
Stifel	Jun 24, 2026	Initiates	Buy	$12.00	0%
CIBC	Jun 17, 2026	Maintains	Outperformer	$8.50 → $10.00	59%

The case for and against

Updated Oct 21, 2026

Bull case

BlackBerry is benefiting from a sharper fundamental turnaround driven by QNX, where Q2 revenue rose 27% Y/Y to a record $80MM, supported by royalty ramp and the largest design-win quarter in QNX history, including the $100MM+ Alloy Kore win. The company also posted a broad earnings beat, with consolidated revenue up 26% Y/Y to $163MM, adjusted EBITDA of $47MM, and free cash flow of $27MM, while cash and investments reached $447MM, giving it flexibility for buybacks or M&A. Although Secure Communications remains uneven, the stronger QNX backlog, raised FY27 guidance, and improving margins suggest a more durable growth profile and better operating leverage ahead.

Bear case

BlackBerry is facing a negative fundamental setup because its Secure Comms business has been cut to $260-270MM for FY27, implying a swing from +13% Y/Y in 1H to -6% Y/Y in 2H and exposing weak visibility amid U.S.-Canada trade tensions and declining RPO of $128MM, down 12% Y/Y. Although QNX is benefiting from record design wins, a $950MM backlog, and FY27 revenue guidance of $616-636MM with $141-158MM adjusted EBITDA, growth still slows sharply in Q4 to 5% at the midpoint, underscoring tougher auto procurement conditions and uneven conversion of wins into revenue. The stock’s risk-reward also looks stretched after a significant valuation re-rating, with QNX valued well above its 5-year average and Secure Comms still a modest, single-digit-growth contributor rather than a durable engine of acceleration.

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