Company News

BUZZ-Blackberry's Q4 upside not sustainable - CIBC

** BlackBerry’s U.S. shares down 5 pct at $11.59 after CIBC cuts PT by $1 to $14 from $15

** CIBC says the upside of Blackberry’s Q4 results is not sustainable; says broker’s prior expectations was higher than new forecast

** On Wednesday, BB posted Q4 adj profit that topped estimates and said it expects strong billings at its high-margin software and services business for full year

** Maintains “neutral” rating on stock as BB’s shares are close to fair value, CIBC analysts

** More than 1 mln shares traded, ~1x their 30-DMA

** Among the 16 analysts that cover company, current average rating on the shares is “hold”; 4 “buy” 10 “hold” and 2 “sell”; median PT $11

** At Wednesday’s close, the 12-month forward price-to-earnings ratio for company was 116.25 - TR data

** Stock up ~4 pct this year, but had soared 62 pct in 2017 (Reporting by Amy Caren Daniel in Bengaluru)