In one of the more devastating breakdowns of BlackBerry-maker Research in Motion Ltd.'s (RIMM) recent troubles, Veritas Investment Research estimates that the company's stock has a 50% chance of dropping below $10 in 2012.
"Clearly RIMM is on track to deliver single-digit [smartphone] market share either in its Q3-F12, or when it reports Q4-F12 in March 2012," Veritas research director Neeraj Monga wrote in a note sent to clients on Friday. "The more important question in our mind is, could a single-digit market share be accompanied by a single digit stock price?"
Monga also offered a year-by-year dissection of how RIMM has faltered and lost ground to competitors Apple Inc. (AAPL) and Google Inc. (GOOG).
"RIMM is behind the competition in every segment," Monga wrote. "It has an outdated platform, is unable to launch winning devices, is bleeding management talent, is unable to attract the best to work for it, is in a slash and burn mode, and all the R&D efforts and spending don't seem to be producing either winning [smartphones] or a decent tablet computing device."
RIM's U.S.-listed shares slipped 5% to close at $20.20 Monday
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