BlackBerry (NYSE:BB) stock is down 10% today after the Canadian technology company missed revenue targets in its latest earnings report.
The former smartphone maker said it earned 25 cents per share, compared with a loss of 56 cents a share a year earlier. Adjusted fourth quarter profits amounted to $6 million, down from $14 million in the previous third quarter. However, BlackBerry reported that its fourth quarter revenue declined 12% to $185 million from $210 million a year earlier. Wall Street had expected BlackBerry to post $29.3 million in adjusted losses on $186.8 million in revenue, according to Refinitiv.
Consequently, BB stock is down today, adding to losses for the year. So far in 2022, BlackBerry’s stock has fallen 30% to $6.60 a share. Where do analysts see the company’s share price heading in coming months? Here are three analyst price predictions for BlackBerry’s stock.
BB Stock Price Predictions
- TD Securities has a “sell” rating on BB stock and a price target of $7, implying 6% upside.
- RBC Capital Markets maintains a “hold” rating on BlackBerry’s stock and also has a $7 price target.
- Raymond James too has a “hold” rating on BB stock and a $7.60 price target, which would be about 15% higher than where the shares currently trade.
What’s Next for BlackBerry
Shareholders of BlackBerry stock are going to take a hit today following the company’s latest quarterly print that disappointed Wall Street. Among six analysts who cover BlackBerry, the median price target on the shares is currently $7.
The once-dominant smartphone maker is struggling to shift its business toward cybersecurity and the internet of things, with some of its software now used to pilot self-driving cars. Investors should approach BB stock with caution given its ongoing declines.
On the date of publication, Joel Baglole did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
