This week is a huge week for tech buffs everywhere, as it’s time once again for the Consumer Electronics Show (CES). This week, dozens of tech companies hit Las Vegas to show off their latest and greatest advances. Ahead of that, BlackBerry (TSE:BB) rolled out an advance of its own, and that was enough to push BlackBerry stock up fractionally in Monday afternoon’s trading session.
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BlackBerry showed off what it calls “QNX Sound,” which is geared toward the automotive market. Dubbed an “audio and acoustics platform,” QNX Sound will allow automakers to combine multiple audio functions using the vehicle’s main software stack. It’s set to offer better control over quality levels and more functions, including better tuning systems complete with a new, graphics-heavy interface that allows better signal processing. Interestingly, it’s also the only such system of its kind, having successfully been tested both in production and system-on-a-chip (SoC) systems.
Some Changes in the IoT Field
As BlackBerry rolls out a new potential powerhouse for the vehicle audio market, it’s also got some big plans in the Internet of Things (IoT) market as well. BlackBerry announced its plans back in December, and this is the year it does the job. It will be spinning off the IoT division and the Cybersecurity division as separate operations. Separating those divisions, reports note, is likely to give BlackBerry a better focus on those highly valuable growth markets that need agile operations to address the fullest opportunity. However, it’s worth noting that a previous IPO didn’t go off as planned in the IoT market.
Is BlackBerry a Buy or Sell?
Turning to Wall Street, analysts have a Hold consensus rating on BB stock based on four Holds assigned in the past three months, as indicated by the graphic below. After a 6.13% loss in its share price over the past year, the average BB price target of C$6.01 per share implies 37.52% upside potential.
