The Waterloo, Ont.-based company spooked Wall Street by saying its much-anticipated BlackBerry 10 won't be released until the first quarter of 2013 due to complications with integrating new features. RIM had been banking on this device to spark a turnaround in the coming months.

"We do not expect RIM to successfully drive a turnaround of its financials, even with the launch of BB10 next year," Nomura wrote.

Analysts at Bank of America Merrill Lynch (NYSE:BAC) downgraded RIM to "underperform" from "neutral" on Friday.

"RIM's prospects appear to be turning from bad to worse," BofA Merrill wrote, according to Dow Jones Newswires.

Citigroup (NYSE:C) slashed its price target to just $5 from $9.50 and maintained its "sell" rating.

Once seen as the crown jewel of Canada's business community, RIM's market cap has shrunk to just $4 billion.

Shares of RIM were recently off 15.12% to $7.76, leaving them 46.5% in the red in 2012 and off 73% over the past 12 months.