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BlackBerry (BB) & Malaysia Join Forces for Cybersecurity
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BlackBerry Limited (BB - Free Report) and the Malaysian Government have entered into a long-term software and services agreement aimed at bolstering the nation’s cybersecurity.
Per the terms of the deal, the Malaysian government can utilize BlackBerry's cybersecurity solutions to enhance the integrity of the Malaysian Communications and Multimedia Commission as well as facilitate advanced technology training for the workforce.
BlackBerry will also establish a Cybersecurity Center of Excellence (CCoE) in Kuala Lumpur by 2024, which will specifically focus on training to address Malaysia's cyber workforce shortfall. The government of Canada supports this initiative, which is in sync with its Indo-Pacific Strategy. Also, the CCoE will contribute to global intelligence sharing and strengthen BlackBerry's threat intelligence network.
The increasing demand for cybersecurity solutions bodes well for BB. Per a report from Fortune Business Insights, the global cybersecurity market is projected to improve from $172.32 billion in 2023 to $424.97 billion in 2030, at a CAGR of 13.8%.
BlackBerry provides intelligent security software and services to enterprises and governments around the world. It offers devices and software platforms for managing security, mobility and communications among hardware, programs, mobile apps and IoT.
In October, the company announced that the U.S. Department of Homeland Security had granted it a seven-year Indefinite Delivery, Indefinite Quantity contract, which aims to create and maintain the Super Enterprise for Personnel Emergency Notification System. BlackBerry is partnering with American Systems and 4 Points Technology to fulfill the software and services aspects of the contract.
For fiscal 2024, BB expects Cybersecurity revenues in the range of $425-$450 million. Cyber business billings are anticipated to grow in the band of 7-20% due to increased uptake of security products.
BlackBerry currently has a Zacks Rank #4 (Sell). The stock has lost 21.1% in the past year against the sub-industry’s growth of 48%.
The Zacks Consensus Estimate for Guidewire Software’s fiscal 2024 earnings per share (EPS) has increased 10.5% in the past 60 days to 74 cents. Shares of GWRE have rallied 71.3% in the past year.
The Zacks Consensus Estimate for Flex’s fiscal 2024 EPS has increased 3.6% in the past 60 days to $2.56. Flex’s long-term earnings growth rate is 12.4%. Shares of the company have risen 27.9% in the past year.
The Zacks Consensus Estimate for Badger Meter’s 2023 EPS has improved 7.3% in the past 60 days to $3.07.
Badger Meter’s earnings outpaced the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average surprise of 10.3%. Shares of BMI have rallied 25.2% in the past year.
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BlackBerry (BB) & Malaysia Join Forces for Cybersecurity
BlackBerry Limited (BB - Free Report) and the Malaysian Government have entered into a long-term software and services agreement aimed at bolstering the nation’s cybersecurity.
Per the terms of the deal, the Malaysian government can utilize BlackBerry's cybersecurity solutions to enhance the integrity of the Malaysian Communications and Multimedia Commission as well as facilitate advanced technology training for the workforce.
BlackBerry will also establish a Cybersecurity Center of Excellence (CCoE) in Kuala Lumpur by 2024, which will specifically focus on training to address Malaysia's cyber workforce shortfall. The government of Canada supports this initiative, which is in sync with its Indo-Pacific Strategy. Also, the CCoE will contribute to global intelligence sharing and strengthen BlackBerry's threat intelligence network.
BlackBerry Limited Price and Consensus
BlackBerry Limited price-consensus-chart | BlackBerry Limited Quote
The increasing demand for cybersecurity solutions bodes well for BB. Per a report from Fortune Business Insights, the global cybersecurity market is projected to improve from $172.32 billion in 2023 to $424.97 billion in 2030, at a CAGR of 13.8%.
BlackBerry provides intelligent security software and services to enterprises and governments around the world. It offers devices and software platforms for managing security, mobility and communications among hardware, programs, mobile apps and IoT.
In October, the company announced that the U.S. Department of Homeland Security had granted it a seven-year Indefinite Delivery, Indefinite Quantity contract, which aims to create and maintain the Super Enterprise for Personnel Emergency Notification System. BlackBerry is partnering with American Systems and 4 Points Technology to fulfill the software and services aspects of the contract.
For fiscal 2024, BB expects Cybersecurity revenues in the range of $425-$450 million. Cyber business billings are anticipated to grow in the band of 7-20% due to increased uptake of security products.
BlackBerry currently has a Zacks Rank #4 (Sell). The stock has lost 21.1% in the past year against the sub-industry’s growth of 48%.
Image Source: Zacks Investment Research
Stocks to Consider
Some better-ranked stocks in the broader technology space are Guidewire Software (GWRE - Free Report) , Flex (FLEX - Free Report) and Badger Meter (BMI - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Guidewire Software’s fiscal 2024 earnings per share (EPS) has increased 10.5% in the past 60 days to 74 cents. Shares of GWRE have rallied 71.3% in the past year.
The Zacks Consensus Estimate for Flex’s fiscal 2024 EPS has increased 3.6% in the past 60 days to $2.56. Flex’s long-term earnings growth rate is 12.4%. Shares of the company have risen 27.9% in the past year.
The Zacks Consensus Estimate for Badger Meter’s 2023 EPS has improved 7.3% in the past 60 days to $3.07.
Badger Meter’s earnings outpaced the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average surprise of 10.3%. Shares of BMI have rallied 25.2% in the past year.