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BlackBerry Ltd BB

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Morningstar’s Analysis

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BlackBerry’s Core Performing Well Despite Supply Constraints, Patent Negotiations; Shares Overvalued

Analyst Note

| William Kerwin |

We retain our $7 fair value estimate for no-moat BlackBerry after it reported second-quarter results in line with our above-consensus expectations and maintained its outlook for fiscal 2022. BlackBerry is back to sequential growth for its cybersecurity unit, although its automotive-heavy Internet of Things business continues to be plagued by global supply constraints. We still expect a long runway of double-digit growth for BlackBerry, but expect the current challenging environment to persist through the end of the fiscal year. Shares are up roughly 7% after beating consensus on the top and bottom lines, and we continue to view shares as overvalued.

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Company Profile

Business Description

BlackBerry, once known for being the world’s largest smartphone manufacturer, is now exclusively a software provider with a stated goal of end-to-end secure communication for enterprises. The firm provides endpoint management and protection to enterprises, specializing in regulated industries like government, as well as embedded software to the automotive, medical, and industrial markets.

2200 University Avenue East
Waterloo, ON, N2K 0A7, Canada
T +1 519 888-7465
Sector Technology
Industry Software - Infrastructure
Most Recent Earnings Aug 31, 2021
Fiscal Year End Feb 28, 2022
Stock Type
Employees 3,497