Analyst Note
| William Kerwin |No-moat BlackBerry’s shares have more than doubled this month, but we have seen no material fundamental changes in the business. While small pieces of news concerning the firm’s licensing business have come out, these have been part of normal business operations, and we don’t expect them to be material to the firm’s cash flows. We think the recent price appreciation has been a result of a change in market sentiment rather than improved firm fundamentals. We maintain our $6.40 fair value estimate for BlackBerry and view shares as significantly overvalued.