BlackBerry: QNX Execution Balances Reset - Neutral For Now

Group 1 - The article initiates coverage on BlackBerry Limited (NYSE: BB) with a Neutral rating and a price target of $4, indicating a cautious outlook on the company's future performance [1] - BlackBerry Limited specializes in providing intelligent security and IoT software solutions to enterprises and governments globally, highlighting its focus on security and connectivity [1] - The revenue forecast for FY26E is estimated at$524 million, reflecting a downward trend, which may indicate challenges in growth or market conditions [1] Group 2 - The analysis presents a balanced view of near-term risks and long-term opportunities, noting that QNX's strong backlog and design wins help to offset challenges faced in Secure Communications [3] - The current valuation of BlackBerry is described as fairly valued, with the risk/reward profile appearing to be in equilibrium, suggesting that the stock may not be significantly undervalued or overvalued at this time [3]