If it seems like BlackBerry (TSE:BB) has kind of fallen off the world since its mobile phones were no longer the world standard, there is a whole world of opportunity that has gone unnoticed by many. In fact, the cybersecurity company revealed that its technology is in a rising number of vehicles. This was a report that made investors cheer and push shares higher in Tuesday morning’s trading. BlackBerry revealed that its QNX software is part of over 250 million vehicles worldwide.
Don't Miss Our Christmas Offers:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
The number is actually closer to 255 million and represents not only an increase of 20 million since just 2023 but also an increase of 80 million since 2020. The reports noted that QNX is widely considered the go-to alternative for software-driven vehicles, especially among a growing network of OEMs (Original Equipment Manufacturers) and various Tier 1 suppliers in the field.
Matthias Eriksson, who serves as BlackBerry’s president of Internet of Things (IoT) operations, noted that QNX’s ability to match “stringent safety requirements” while providing “increasingly autonomous and complex functions” makes it a “…trusted foundation for next-generation innovation….” And that, in a nutshell, is why over 255 million vehicles the world over are packing some degree of QNX in their operations.
Working on Indian Patents
But all is not so well everywhere in BlackBerry’s empire. In India, BlackBerry is currently fighting its way through a section of law known as Section 3(k) of the Indian Patents Act. Though it has only been around for a comparatively short time—since 1970—the Indian Patents Act has some very puzzling things to say about what can actually be patented in India.
At its root is the notion that an algorithm—which is the basis for a wide array of software applications—may be in and of itself worthy of patent protection. Some believe that an algorithm is just a set of instructions and, therefore, largely impossible to patent. However, BlackBerry believes quite the opposite and is working to protect its hard-developed algorithm in one of the largest economies on Earth.
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 four Holds assigned in the past three months, as indicated by the graphic below. After a 30.75% loss in its share price over the past year, the average TSE:BB price target of C$4.12 per share implies 17.09% upside potential.
