While it seems as if every tech company out there has at least some sort of plan to contribute to the progress seen within the self-driving vehicle space, One company that has been overlooked may be BlackBerry Ltd (NASDAQ:BBRY). The company oversees operations of the QNX vehicle operating system which could be an important aspect of future self-driving vehicles. In an interview with Bloomberg, BlackBerry’s (NASDAQ:BBRY) CEO John Chen alluded to the fact that he’d like to perhaps work with Apple, Google or Tesla on their self-driving car initiatives.
Absolutely! I’d Love to do that,” Chen told Bloomberg when he was asked if he would have any interest in working with companies such as those mentioned above. “Our QNX technology, our software platform, actually works with the Apple car strategy as well as the Google [car strategy] and I’d love to be able to work with Tesla.”
The stock is up 10.06% or $0.78 following the news, hitting $8.59 per share. About 40.21 million shares traded hands or up 467.14% from the average. BBRY has declined 24.49% since May 15, 2015 and is currently downtrending. It has underperformed the S&P500 by 22.23%.
From a total of 13 analysts covering Blackberry (NASDAQ:BBRY) stock, 0 rate it a “Buy”, 2 a “Sell”, and 11 a “Hold”. This means that 0 of the ratings are positive. The highest target price is $8 while the lowest target price is $6. The mean of all analyst targets is $7.28 which is -15.25% below today’s ($8.59) stock price. Blackberry was the topic of 17 analyst reports since July 28, 2015 according to the firm StockzIntelligence Inc. RBC Capital Markets maintained shares on December 14 with a “Sector Perform” rating. Canaccord Genuity maintained shares with a”Hold” rating and a $8 target share price in their report from a September 21. Imperial Capital maintained BBRY stock in a recent report from September 29 with a “In-Line” rating. Morgan Stanley upgraded the rating on July 28. Morgan Stanley has a “Equal Weight” rating and a $7 price target on shares. Finally, UBS maintained the stock with a “Neutral” rating in a report they issued on a September 28.
BlackBerry Limited is a well-known provider of mobile communications and services. The company has a market cap of $4.16 billion. The Firm is engaged primarily in the provision of the BlackBerry wireless solution, consisting of smartphones, service and software. It currently has negative earnings. The Company’s four areas of business are Devices business, Enterprise Services, BlackBerry Technology Solutions (BTS) business and Messaging.