Why BlackBerry Stock Sank 16.8% Last Month
Shares of BlackBerry (NYSE: BB) fell 16.8% in February, according to data from S&P Global Market Intelligence. The stock lost ground due to a price target cut from an analyst and the market's shift away from software stocks.
Canaccord's T. Michael Walkley published a note on BlackBerry on Feb. 22, maintaining a buy rating on the stock but lowering his one-year price target from $10 per share to $7 per share. Walkley said that he continued to see a favorable industry backdrop benefiting the company's cybersecurity-software business but noted that the market is now generally valuing software stocks at lower multiples.
Image source: Getty Images.
Source Fool.com
