The Globe and Mail reports in its Thursday, June 25, edition that Stifel analyst Suthan Sukumar commenced coverage on BlackBerry with a "buy" rating and a $12 share target. The Globe's David Leeder writes in the Eye On Equities column that analysts on average target the shares at $10.20. Despite the nearly 120-per-cent jump in its share price thus far in 2026, Mr. Sukumar thinks the market "still misdefines" BlackBerry. Mr. Sukumar says in a note: "This is no longer an auto-supplier story, but rather a mission-critical software layer in the physical AI stack and a dominant partner to silicon leaders like Nvidia, Qualcomm and AMD powering the build-out from cloud to edge, across cars, robots, factories and medical devices. A higher-quality revenue/earnings shift is playing out that is reminiscent of ARM's capital-light royalty-annuity model. We are not arguing for an ARM multiple, but lower revenue risk, structural margin expansion as the mix shifts toward runtime royalties, and high FCF conversion support a premium valuation against a rapidly expanding, still-undersized TAM [total addressable market]. With BlackBerry in a leading competitive position, we see meaningful value to capture as the physical AI market unfolds."