Shares of BlackBerry Ltd. rose nearly 11 percent on the Toronto Stock Exchange on Thursday after a research report identified the company as a likely target for an acquisition.

BlackBerry stocks peaked at $ 15.82 on Thursday morning, up 10.78 percent.

The huge jump came after Citron Research issued a report saying that the company’s stock is likely to reach $ 20 US. On the NASDAQ in 24 months. On Thursday, the shares of the former smartphone maker in the US market were trading at $ 11.61.

The report also said the company is likely to target a sizable premium, highlighting the “virtually completed” BlackBerry transition from the hardware maker to focus on its software business.

Citron Research, an online review website led by Andrew Left, wrote that BlackBerry’s QNX software, which is installed on about 60 million vehicles, makes the company an attractive acquisition target for Qualcomm, Nvidia or NXP Semiconductors.

BlackBerry shares have been on the rise recently after positive comments from the analyst.

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