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BlackBerry Price Target Raised to US$8.50 at CIBC

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CIBC Capital Markets raised its price target on BlackBerry Ltd. (BB.TO, BB) to US$8.50 from US$6.

Analyst Todd Coupland maintained an Outperformer rating on shares of the Canadian software company following CIBC's Technology & Innovation Conference on May 21.

"...Management signalled better operating visibility and a clearer path to profitable growth across both QNX and Secure Communications," Coupland said in a note to clients.

"For PMs, the key debate is increasingly shifting from turnaround credibility to the pace and durability of backlog growth and conversion, with QNX execution the most important driver of upside," the analyst said.

"In our view, that setup supports sustained momentum into F2027 and F2028, with a credible path to the high end of guidance - and potential upside versus what still looks like a conservative framework," Coupland said.

"We believe that if BlackBerry continues to execute, the stock will increasingly be valued on improving growth quality and margin progression rather than legacy skepticism."

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