BlackBerry Ltd

BB: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 8.40	Ynvr	Dpttnkjv

BlackBerry: Negative Preliminary Results Don't Change Our Valuation

William Kerwin

Sep 7, 2023

We maintain our $4.90 fair value estimate for shares of no-moat BlackBerry after the firm announced preliminary results for its fiscal second quarter. BlackBerry’s fiscal quarter ended on Aug. 30, and its official earnings call is set for Sept. 27. The preliminary results included worse cybersecurity sales than guided, which wasn’t totally surprising to us, and a downward revision to the full-year outlook for the Internet of Things business.

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