BlackBerry upgraded to Buy at TD Securities on improved cashflow expectations

As previously reported, TD Securities upgraded BlackBerry (BB) to Buy from Hold with a price target of $4, up from $3.25, after the company’s Q3 results were better than expected. The firm says it “cannot ignore the substantial improvement” in the expected free cash flow generation from the business, citing both the low valuation and improved cash flow expectations for its upgrade. The firm equates the current valuation to getting the Secure Communications business “for free.”