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Investing.com — BlackBerry Ltd (NYSE:BB) tumbled 6.7% on Tuesday after an analyst said it’s time to sell.
Canaccord Genuity downgraded the stock to sell from hold with a price target of $10, citing valuation. The stock is currently trading just above $12. Canaccord’s Michael Walkley said the valuation was unreasonable.
“While we believe management has created a cogent long-term strategy and the business is turning the corner towards stronger trends, we await more proof in execution on the new product roadmap, evidence of cross-selling opportunities emerging, growing overall software and services revenue, and the potential for upside to our estimates before becoming more constructive on the shares,” he wrote in a note.
BlackBerry was briefly part of the Robinhood/Reddit short squeeze in stocks that had been targeted by Wall Street traders. Its shares have more than doubled over one year.
