Blackberry has entered into a partnership with IBM to provide BlackBerry’s Spark platform to companies across Canada.
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Blackberry’s (BB) Senior Vice President and Chief Elite Customer Success Officer, Neelam Sandhu said, “BlackBerry and IBM share a strong track-record of technology innovation and deep expertise in industry verticals. Together we will bring best-in-class solutions to people across Canada, at a time when security, productivity and safety are needed most and without compromise. We are delighted to establish this partnership.”
As a part of this partnership, IBM (IBM) will resell Blackberry’s critical event management software, endpoint management and security to organizations and governments.
In the fiscal fourth quarter, BB had strong quarter-on-quarter billings growth for its Software and Services business including Spark and QNX. Spark is BB’s unified endpoint security and management platform while QNX is a real-time operating system (RTOS) similar to Unix. (See Blackberry stock analysis on TipRanks)
In March, following BB’s 4Q FY21 results, Canaccord Genuity analyst Michael Walkley lowered the price target from $10 to $9 and upgraded the stock from Sell to Hold. Walkley said, “While we believe management has created a cogent long-term strategy and the business is turning the corner towards stronger trends, we await more proof in execution on the new product roadmap, evidence of cross-selling opportunities emerging, growing overall software and services revenue, and the potential for upside to our estimates before becoming more constructive on the shares. However, we believe the software and services fundamentals should improve throughout F2022…”
Consensus among analysts is a Moderate Sell based on 2 analysts suggesting a Hold and 2 analysts recommending a Sell. The average analyst price target of $8.65 implies approximately 4.7% downside potential to current levels.
According to TipRanks data, financial Bloggers are 80% bullish on the stock versus a sector average of 67%.
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