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BlackBerry Tumbles After Analyst Says Sell

Published 02/16/2021, 01:45 PM
Updated 02/16/2021, 01:53 PM
© Reuters.

By Liz Moyer

Investing.com -- BlackBerry Ltd (NYSE:BB) tumbled 6.7% on Tuesday after an analyst said it's time to sell.

Canaccord Genuity downgraded the stock to sell from hold with a price target of $10, citing valuation. The stock is currently trading just above $12. Canaccord's Michael Walkley said the valuation was unreasonable.

"While we believe management has created a cogent long-term strategy and the business is turning the corner towards stronger trends, we await more proof in execution on the new product roadmap, evidence of cross-selling opportunities emerging, growing overall software and services revenue, and the potential for upside to our estimates before becoming more constructive on the shares," he wrote in a note.

BlackBerry was briefly part of the Robinhood/Reddit short squeeze in stocks that had been targeted by Wall Street traders. Its shares have more than doubled over one year. 

Latest comments

Who the heck is Cannacord? They're probably loading up as they tell people to sell.
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