Cybersecurity firm BlackBerry (TSE:BB) is making some moves in a bid to strengthen its operations. It is making a name change in one of its divisions, and relaunching the QNX softer brand to strengthen its position in car software. But investors regarded the changes as shuffling the deck chairs on the Titanic, because BlackBerry shares were down over 3.5% in Friday morning’s trading.
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BlackBerry’s QNX software has done well for itself over the years. Currently, reports noted, you will find QNX software running in over 255 million vehicles worldwide. But now, QNX will mean a lot more than cars, and be seen in quite a few more places. BlackBerry has officially renamed its Internet of Things (IoT) division QNX, which will bring quite a bit more under the QNX umbrella.
Reports note that, as a result of the change, there will be “…a refreshed logo, website, and distinct visual identity.” More about this will be shown off at the Consumer Electronics Show set to start January 7 in Las Vegas. BlackBerry is eager to make change, particularly in light of multiple net income losses posted in four out of five fiscal years.
Headed to Nevada
Meanwhile, there are some reports out suggesting what BlackBerry will have to show when it hits CES next week. The relaunch will be front and center, certainly, as noted in a report from Embedded Computer World. BlackBerry CEO John J. Giamatteo noted: “Relaunching the QNX brand is an important step in BlackBerry’s broader strategy to increase our visibility and fortify our leadership within the automotive and embedded industries, with a view to better positioning us for sustained growth and success.”
On hand at the show will be a “…full slate of automotive offerings,” and potentially, some of the rest of the things that QNX is found in. That includes heavy machinery, robotics, medical devices and more.
Is BlackBerry a Good Stock to Buy?
Turning to Wall Street, analysts have a Hold consensus rating on TSE:BB stock based on one Buy and three Holds assigned in the past three months, as indicated by the graphic below. After a 22.76% rally in its share price over the past year, the average TSE:BB price target of C$4.76 per share implies 10.58% downside risk.
