CIBC lowered the firm’s price target on BlackBerry (BB) to $6 from $7 and keeps an Outperformer rating on the shares. While Blackberry’s Q4/2025 results were better than expected, its Q1 and 2026 guide was mixed, the firm notes. Despite this, CIBC’s view that 2026 will inflect to double-digit QNX revenue growth and positive adjusted EBITDA remains intact. Blackberry’s Q4 results demonstrated the material benefits from restructuring and splitting into two units. This is a trend the firm expects to be more fully realized as 2026 unfolds against updated and conservative guidance.

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