The Globe and Mail reports in its Friday edition that Canaccord analyst T. Michael Walkley has reaffirmed his "hold" recommendation for BlackBerry. The Globe's Darcy Keith writes in the Eye On Equities column that Mr. Walkley's share target fell to $5.37 from $5.50 (all figures U.S.). BlackBerry reported first quarter 2024 total revenues of $373-million, well above Mr. Walkley's $161-million estimate, but the beat was due to a patent sale during the quarter. Mr. Walkley says in a note, "Adjusting for the patent sale, total revenue of $155-million was below our $161-million estimate, with BlackBerry's core Cybersecurity and IoT businesses below our/Street expectations." With management announcing on May 1 that its board is performing a strategic review to unlock shareholder value that could include the separation of one or more of BlackBerry's businesses, Mr. Walkley is now using a price target methodology based on a sum-of-parts analysis. "We await more proof in execution on the new Cybersecurity product roadmap, evidence of cross-selling opportunities emerging, growth in software and services revenue, and the potential for upside to our estimates before becoming more constructive on the shares."