BlackBerry Ltd (NASDAQ: BBRY) is having an incredibly strong morning in the market this morning, and for good reason. Trusted analysts at Citron released a report that is exciting to say the least, causing investors to send the stock soaring. Of course, our partners at Trade Ideas were the first to alert us to the gains. At the moment (10:06), BBRY is trading at $11.32 per share after a gain of $0.75 per share (7.10%) thus far today.
Citron Gives BBRY A Boost
As mentioned above, BlackBerry is having an incredibly strong day in the market today after a report was released by Citron. In the report, Citron offered up the same statements I’ve been offering all along. The gist of the report, don’t underestimate the shift BBRY is making to software.
In their report, Citron points out that BBRY had a rough time as its handset sales started to fall, and this trend lasted for years. However, as the company shifts from hardware to software, things are getting much better, and Citron believes that this shift is nearly complete.
In particular, Citron points to the use of BlackBerry’s QNX operating system as a potential game changer in autonomous driving. With 60 million cars already running on QNX, BBRY is clearly the leader in the space, and will likely continue to be. Here’s a snippet from the Citron report:
“The company is dedicated to building on its legacy of providing secured wireless solutions to the world (minus the handsets.) When Wall Street shifts its frame of expectations toward the future, and gets over their legacy business, watch out. QNX is a Potential Game Changer in Autonomous Driving. With an install base of 60 million cars, by far the leader in a fragmented space, BlackBerry’s QNX is at the forefront of securing cars for autonomous driving technology – regardless of which technology is the eventual winner.”
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on BBRY. In particular, we’re interested in following the company’s continued work in shifting to software and their continued dominance in the automobile software industry. We’ll continue to follow the story closely and bring the news to you as it breaks!
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