The stock closed Friday at C$11.59 on the Toronto Stock Exchange and fell 26 cents in early trading after the report was issued.
Canaccord Genuity analyst Michael Walkley has set the firm's price target for RIM shares to US$10 — substantially lower than estimated price targets issued by other analysts in recent weeks.
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Walkley writes "our checks do not indicate the consumer pull, carrier push, or developer excitement necessary for BlackBerry 10 to reverse the challenging trends faced by RIM in order to return the company to sustained profitability.
"As a result, we downgrade to SELL based on our $10 sum-of-parts analysis," Walkley says.
A sum-of-parts analysis attempts to calculate what a company would be worth if some or all of the business were sold, rather than continuing as an independent entity.
There has been a recurring notion that Research In Motion, based in Waterloo, Ont., should split its device-making arm — which competes with Apple's iPhone and Android-based smartphones — from its network operating business.