Why BlackBerry Shares Are Trading Higher Today

BlackBerry Ltd BB is trading higher Wednesday after Canaccord Genuity upgraded the stock.

Canaccord Genuity analyst Michael Walkley upgraded BlackBerry from a Sell rating to a Hold rating.

The Canaccord Genuity analyst maintained a $10 price target on the stock.

Walkley cited "levers for future growth" within the company's cybersecurity business as Blackberry aims to expand its endpoint security business."

The segment is well positioned for accelerated growth given BlackBerry's differentiated AI-driven approach, the analyst said.

Walkley believes BlackBerry's software and services fundamentals will improve during the next year.

BlackBerry was previously known for being the world's largest smartphone manufacturer, but now the company operates as a software provider focused on end-to-end secure communication for enterprises.

Price Action: BlackBerry has traded as high as $28.77 and as low as $4.37 over a 52-week period.

At last check Wednesday, the stock was up 5.95% at $10.24.