RBC Capital analyst Paul Treiber lowered his price target on BlackBerry to $7.50 and kept his Sector Perform rating after its Q2 results, saying the quarter's fundamentals were below expectations with Enterprise Software and Service, or ESS, business revenue declining by mid-teens and its Cylance revenue coming in flat. The analyst notes that competition for BlackBerry's ESS has intensified and the churn in its non-regulated customer base has increased. Treiber adds that while the stock is trading at a discount 2.5-times enterprise value to forward-12-month sales estimate, stronger organic growth is needed to warrant a higher multiple.