1 Canadian Stock to Buy Before the Bank of Canada Speaks

BlackBerry is suddenly looking like a real pre-Bank of Canada play, with sticky government and auto customers, plus a turnaround that’s showing up in results.

Amy Legate-Wolfe

Author Bio Amy became interested in investing in 2018 after having her first daughter. After receiving a masters degree in journalism from Western University, she became frustrated that the finance industry remained a confusing place for Canadians like her: new parents, millennials, and other young people who needed to understand their finances. Now, Amy focuses on tech companies and renewable energy for growth opportunities, coupling that with long-term investing strategies and equities. She also provides investors with a daily newsletter, Canada Stock Digest, for daily market updates. Her work can also be found at Canada's National Observer, where she writes on the business side of climate action. Before joining Motley Fool Canada, Amy wrote for major news organizations including HuffPost, CTVNews.ca, and CBC. When she’s not researching investing strategies, Amy’s time is pretty much monopolized by her two wild daughters, but in what little spare time she has she loves to do yoga, go on walks with her dog, and travel with her husband. Social Media Follow Amy on LinkedIn and Canada Stock Digest. Favorite Investment Quote “October: This is one of the particularly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February.” – Mark Twain

Published April 23, 8:45 pm EDT

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Key Points

BlackBerry now relies on QNX and secure communications that customers rarely replace, making revenue steadier.
Recent contract wins and QNX adoption in new vehicles suggest growth can continue even in a shaky rate environment.
Earnings and guidance improved sharply, but the stock could swing if results don’t stay strong.

Before the Bank of Canada (Boc) speaks, there are a few things for investors to consider. They usually do best with stocks that don’t need a perfect economy to work. That means looking for companies with improving fundamentals, sticky customers, and a business model that can still grow whether rates move up, down, or nowhere at all.

A name that also brings some operating leverage helps, because even a small improvement in sentiment can go a long way when the market starts rethinking a company’s story. The Bank’s next scheduled rate decision is Apr. 29, 2026, after it held the policy rate at 2.25% on March 18, so investors are once again weighing which stocks can handle another round of rate-driven nerves.

Canada national flag waving in wind on clear day — Source: Getty Images

Consider BlackBerry stock

BlackBerry (TSX: BB) fits that setup better than many investors might expect. Today, it’s a software company built around QNX, which powers embedded and automotive systems, and Secure Communications, which serves governments and regulated customers. These are mission-critical products. Customers don’t rip them out on a whim, and that gives BlackBerry stock a sturdier foundation than many speculative tech names.

Recent news has actually been pretty encouraging. On March 31, the Government of Canada said it finalized a contract extension with BlackBerry stock through 2033 to expand deployment of SecuSUITE for sensitive communications. Then this week, BlackBerry stock announced that Leapmotor selected QNX for its D19 premium electric SUV, with production starting in April 2026. Add in BlackBerry’s expanding push into embedded and industrial software, and the company looks much more tied to durable long-cycle markets than short-lived tech trends.

Into earnings

The earnings picture improved in a big way. For fiscal 2026 fourth-quarter results reported on April 9, BlackBerry stock posted total revenue of about US$156 million, up 10% year over year and above analyst expectations. QNX revenue rose 20% to US$78.7 million, Secure Communications revenue rose 8% to US$72.5 million, and total adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) climbed 71% to US$36.1 million. Furthermore, BlackBerry stock called its turnaround complete, which is the kind of language investors notice when a long-struggling stock finally starts backing up the talk with numbers.

Full-year figures looked stronger, too. BlackBerry stock generated US$107.1 million in adjusted EBITDA in fiscal 2026, up 27%, while QNX revenue reached US$268 million for the year. The royalty backlog in QNX climbed to about US$950 million, which gives the company a nice chunk of future visibility. Now, BlackBerry stock is not cheap, so this is not a deep-value play. But it also isn’t being priced like a broken business anymore.

Future focus

Looking ahead, the outlook still has some bite. BlackBerry stock guided for first-quarter fiscal 2027 revenue of US$132 million to US$140 million, above analyst expectations cited by Reuters. It also expects fiscal 2027 QNX revenue of US$290 million to US$307 million and Secure Communications revenue of US$270 million to US$280 million. That suggests management sees growth continuing in both core divisions, not just one lucky quarter doing all the heavy lifting.

That’s why BlackBerry stock fits before the Bank of Canada speaks. If the tone from the central bank stays cautious, investors may still prefer companies with visible revenue and customers in essential, regulated, or safety-critical markets. BlackBerry stock checks that box. And if the market starts to believe rates are no longer the biggest threat on the board, a former turnaround story with improving margins and rising QNX momentum could still have room to surprise on the upside. The risk, of course, is valuation. After the recent run-up, the stock may wobble if the next quarter is merely good instead of great.

Bottom line

So, if I had to pick one Canadian stock to buy before the BoC speaks, BlackBerry stock would be a very interesting choice. It has a better business mix than many people still give it credit for, fresh momentum in both operations and contracts, and enough earnings improvement to make the story feel real. It won’t be the safest stock on the TSX. But for investors looking for one name with a credible turnaround and a bit of upside spark, it still looks like a smart one to watch.