After BlackBerry's Mixed Q1, BofA Says Its Valuation Reflects Risk

在黑莓第一季度喜忧参半后,美国银行表示其估值反映了风险

2020/06/26 07:01  Benzinga

BlackBerry Ltd(NYSE:BB) reported light first-quarter revenue while still delivering an earnings beat.

The company’s QNX auto software segment came under pressure due to a slowdown in auto production, while the traditional Enterprise segment remained flat, according to BofA Securities.The BlackBerry Analyst

Daniel Bartus maintained a Neutral rating on BlackBerry with an unchanged $5.50 price target.The BlackBerry Thesis

BlackBerry’s low organic growth and the risks associated with its exposure to highly competitive markets are reflected in the stock valuation, Bartus said in a Thursday note. (See his track record here.)

The company reported mixed first-quarter results, with revenue of $214 million missing the Street estimate of $215.3 million.

Despite gross margins coming in weaker than expected, operating margins outperformed due to a 26% decline in BlackBerry’s sales and marketing spend, the analyst said.

The QNX auto software segment was hurt by a slowdown in royalties that accrue to BlackBerry upon auto production and pauses in key partner projects, he said.

BofA estimates that QNX sales have declined as much as 55%, Bartus said.

BlackBerry indicated the traditional enterprise segment was roughly flat.

The AtHoc crisis communications segment has growth potential due to COVID-19 and BlackBerry offering it as a managed service, the analyst said.

Bartus also expects Cylance to return to growth, as it is also now being delivered as a managed service and with new added endpoint detection and response capabilities.BB Price Action

Shares of BlackBerry ended Thursday's session down 1.42% at $4.85.

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Photo courtesy of BlackBerry.

黑莓有限公司(纽约证券交易所代码:BB)公布第一季度营收清淡,同时仍保持盈利节拍。

据美国银行证券(BofA Securities)称,由于汽车生产放缓,该公司的QNX汽车软件部门面临压力,而传统企业部门则持平。黑莓分析师

Daniel Bartus维持对黑莓的中性评级,目标价不变,为5.50美元。

Bartus在周四的一份报告中说,黑莓的低有机增长以及与其在竞争激烈的市场的敞口相关的风险反映在股票估值中。(点击此处查看他的履历。)

该公司公布的第一季度业绩喜忧参半,营收2.14亿美元低于华尔街预期的2.153亿美元。

这位分析师说,尽管毛利率低于预期,但由于黑莓的销售和营销支出下降了26%,运营利润率表现优异。

他说,QNX汽车软件部门受到黑莓在汽车生产时累计的特许权使用费放缓以及关键合作伙伴项目暂停的影响。

Bartus说,美国银行估计QNX的销售额下降了多达55%。

黑莓表示,传统企业部门大致持平。

这位分析师表示,由于新冠肺炎和黑莓将其作为托管服务提供,AtHoc危机通信部门具有增长潜力。

巴特斯还预计Cylance将恢复增长,因为它现在还作为一项托管服务交付,并增加了新的端点检测和响应功能。BB价格行动

黑莓股价周四收盘下跌1.42%,报4.85美元。

相关链接:

30只股票在周四盘前交易时段走势

市场一瞥:美国股指期货继周三大跌后持平

照片由黑莓提供。

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