It's "not hard to see" BlackBerry (NASDAQ:BBRY) booking $2B of software revenue and hitting EPS of $1.82 by fiscal 2020, says analyst Gus Papageorgiou.
He assumes BlackBerry starts 2020 with 500K RADAR units in service, and later hits 1.5M, with an average for the year of 1M at $20 per month (plus sales of 1M units at 50% gross margin).
RADAR customers "are seeing a reduction in the amount of trailers needed to manage existing sales thanks to the more efficient use of the assets," says Papageorgiou.
He's got an Outperform rating and $11.80 price target, but sees a case for $45 per share.
The stock's higher today by 6.3% to $10.23.
Now read: BlackBerry: When Reality Sets In »