Raymond James analyst Steven Li downgraded BlackBerry (BBRY) to Market Perform while raising his price target for the shares to $11 from $9.50.
The mobile communications solutions provider closed Friday down 11c to $11.11. The shares are up 42% since the analyst's upgrade to Outperform on August 12, 2016.
The final award payment of $940M by Qualcomm (QCOM) boosts an "already strong balance sheet" and may be used for acquisitions, Li tells investors in a research not titled "Tapping the Brakes after Strong Run."
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