BlackBerry pops; Citron ups PT to $20

|About: BlackBerry Ltd. (BBRY)|By:, SA News Editor

Citron Research, which set a $15 target for BlackBerry (BBRY +4.3%) in January, has hiked its PT to $20.

In a new report (.pdf), Citron gushes (somewhat ironically, given its reputation for throwing cold water on hyped tech trends) over BlackBerry's potential to provide software and services to help enable the proverbial Internet of Things (IoT).

Citron notes BlackBerry's Project Ion aims to provide an analytics infrastructure for businesses trying to leverage the data produced by millions of embedded devices, and that its QNX OS already makes it a player in the embedded market. It also sees BlackBerry's security reputation helping its cause.

The firm calls John Chen "one of the strongest and most credible leaders on Wall Street," and thinks a tech giant could be interested in making a bid.

Shares now +14% since yesterday's FQ1 beat.

Yesterday's coverage