blackberry ((BB) – Get the report lost ground Tuesday after the tech-security and software company was downgraded by a Canaccord Genuity analyst to raise concerns about stock volatility.
The company’s shares in Waterloo, Ontario recently fell 6.7% to $ 12.10.
Analyst T. Michael Walkley, who raised its target price for BlackBerry from $ 8 to $ 10 per share, said in a statement to investors that the company’s software security product portfolio is improving.
The analyst also said the company has made progress integrating software company Cylance, which it bought for $ 1.4 billion in 2018, and creating a “compelling” cybersecurity platform.
Walkley said, however, that given the volatility of the shares, a “targeted short squeeze” puts the stock price above its elevated target price.
The company recently received a strong boost from retailers and was featured heavily on online message boards like Reddit, where companies like GameStop were heavily featured ((GME) – Receive…