Why BlackBerry Ltd (BBRY) Stock Is Rocketing Higher Today

Advertisement

BlackBerry Ltd (NASDAQ:BBRY) is on the rise today following a positive report of the company. Specifically, BBRY stock is up 9% after Citron Research claimed it may be the next Nvidia Corporation (NASDAQ:NVDA).

Why BlackBerry Ltd (BBRY) Stock Is Rocketing Higher Today

The report from Citron Research notes the similarity between BlackBerry Ltd and Nvidia Corporation. It points out that the enterprise value of NVDA has jumped from $5 million to $85 million over the last couple of years. This happened after Wall Street started seeing the value of the company beyond that of just a graphics card maker.

Nvidia Corporation’s went up due to its future focus on autonomous driving, data centers and artificial intelligence. The same train of thought is what has BBRY stock on the rise. BlackBerry Ltd is shifting its focus from smartphones to autonomous driving and it already has a strong foothold in the automotive market.

QNX is an operating system created by BlackBerry Ltd that is already found in 60 million vehicles. The operating system has received praise from both Nvidia Corporation and Qualcomm, Inc.(NASDAQ:QCOM).

While other tech companies, such as Alphabet Inc (NASDAQ:GOOG,GOOGL) and Apple Inc. (NASDAQ:AAPL), are working toward a stronger presence in the automotive industry, BlackBerry is already there. This could turn out to be great news for BBRY stock as the race toward self-driving cars speeds up.

Citron Research also points out that BlackBerry Ltd is working on more than just QNX. The company is also developing projects for the Internet of Things and may be working with Wal-Mart Stores Inc (NYSE:WMT) to help it track its fleet of trucks.

Citron Research now has a 24-month price target of $20 for BBRY stock, or it is expecting a possible acquisition of the company with a sizable premium to its current price.

BBRY stock is up 67% year-to-date.


Article printed from InvestorPlace Media, https://investorplace.com/2017/06/bbry-stock-blackberry-nvda/.

©2024 InvestorPlace Media, LLC