BlackBerry soars after Q3 profit beat, TD Cowen upgrades stock to 'buy'

BlackBerry

20/12/2024 16:28

** U.S.-listed shares of BlackBerry  BB.TO  rise as much as
20.5% to about a seven-month high of $3.59
    ** Company reported Q3 results after the market close on
Thursday; posts adjusted EPS of 2 cents vs expectations of 1
cent loss, according to data compiled by LSEG
    ** Excluding discontinued operations from its Cyclance
business, company posts Q3 revenue of $143 mln, vs estimates of
$147.4 mln
    ** Brokerage TD Cowen upgrades stock to "buy" from "hold",
raises PT by 75 cents to $4; says company's Q4 forecast looks
very conservative
    ** Adds, company's shares are undervalued and third-quarter
results were better than expected
    ** Company, on Monday, said it would sell its Cylance assets
to Arctic Wolf for $160 mln in cash and about 5.5 mln of Arctic
Wolf shares
    ** Two of seven brokerages rate the stock "buy" or higher,
four "hold" and one "sell"; with a median PT of $3.25
    ** Including session moves, stock up 7.7% YTD

 (Reporting by Neil J Kanatt in Bengaluru)
 ((Neil.JKanatt@thomsonreuters.com;))