Summary

• BlackBerry is upgraded to Buy as operational turnaround accelerates, driven by record Q4 earnings, Nvidia partnership, and surging IoT revenues.
• BB achieved its eighth consecutive quarter of positive GAAP net income, with IoT revenue up 20% YoY and a $950M royalty backlog.
• Clearing the $5.04 share price triggers forced debt conversion, eliminating $200M in convertible debt and strengthening the balance sheet.
• Secure Comms and patent/licensing deals add upside, with full-year Secure Comms guidance raised and potential cash windfalls from Malikie and Arctic Wolf.

Introduction

Last December during Q3 earnings, I viewed BlackBerry (NYSE:BB) through a skeptical lens. The stock was suffocating underneath CEO's John Giamatteo's vision. BlackBerry appeared to be a value trap; disconnected from its investors and unable

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