BlackBerry: The Turnaround Is Here (Rating Upgrade)

BlackBerry is upgraded to Buy as operational turnaround accelerates, driven by record Q4 earnings, Nvidia partnership, and surging IoT revenues. BB achieved its eighth consecutive quarter of positive GAAP net income, with IoT revenue up 20% YoY and a $950M royalty backlog. Clearing the $5.04 share price triggers forced debt conversion, eliminating $200M in convertible debt and strengthening the balance sheet.