Research firm Strategy Analytics has found that vehicles featuring Blackberry’s (BB) QNX software now total 195 million, up 20 million year-over-year.
Canada-based Blackberry provides intelligent security software and services. BlackBerry’s QNX royalty revenue backlog grew 9% year-over-year to $490 million during the first quarter.
The company’s shares fell 2.7% in pre-market trading on June 22. (See Blackberry stock charts on TipRanks)
Executive chairman and CEO of BlackBerry John Chen said, “Achieving over 195 million vehicles marks the sixth consecutive year that this count has increased. BlackBerry QNX is well-positioned to capitalize on the secular trends of greater safety-critical software in cars.”
RBC Capital analyst Paul Treiber recently maintained a Sell rating on the stock with a price target of $7.50 (41.4% downside potential).
Treiber said the company’s shares have rallied because of trading dynamics and not because of improved fundamentals.
Overall, the stock has a Moderate Sell consensus rating based on 2 Holds and 1 Sell. The average Blackberry analyst price target of $9 implies 30% downside potential from current levels. The company’s shares have gained 150% over the past year.
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