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BlackBerry Stock Could Hit $6: Suva

Wednesday, 30 Jan 2013 | 5:32 PM ET
BlackBerry Stock Could Hit $6: Citi's Suva
Significant hurdles face newly renamed BlackBerry in the next couple of months, Citi analyst Jim Suva says.

Significant hurdles face Research In Motion, newly renamed BlackBerry, in the next couple of months, Citigroup analyst Jim Suva said Wednesday on CNBC.

Following the much-anticipated introduction of its BlackBerry 10 mobile operating system, along with its Z10 and Q10 smartphones, the company has to succeed in its last-ditch effort to reboot its business.

"It's either going to happen or the company's going to have to break itself up and split up if it's not successful," he said. "Right now, it's not lined up the way we thought it would."

The new Blackberry 10 devices, however, won't be available in the United States until March, a fact that Suva said did not bode well – especially as it attempts to compete against Google, Apple and Microsoft smartphones.

(Read More: BlackBerry 10 'Promising': Yacktman)

"People want it now," he said. "The more the time it takes, the worse for the stock."

Following the unveiling of BlackBerry 10, shares of Research In Motion dropped 12 percent.

Suva said that the stock could find a floor of $6 per share.

"We think it could go down to single digits," he said.

Trader disclosure: On Jan. 30, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Jon Najarian is long JPM; Jon Najarian is short JPM calls; Jon Najarian is short FB puts; Jon Najarian is long QCOM 65 CALL SPREAD; Jon Najarian is long LONG PSX CALLS; Jon Najarian is long NFT CALLS; Jon Najarian is long RLI; Jon Najarian is long MAN; Jon Najarian is long MGAM; Karen Finerman is long AAPL; Karen Finerman is long AAPL PUTS; Karen Finerman is long BAC; Karen Finerman is long C; Karen Finerman is long JPM; Karen Finerman is long WMT; Karen Finerman is long TGT; Karen Finerman is long RIMM; Karen Finerman is long RIMM PUTS; Karen Finerman is long MSFT; Karen Finerman is long GOOG; Karen Finerman is long M; Karen Finerman is short SPY; Karen Finerman is short IWM; Dan Nathan is long FB FEB/MARCH 34 CALL SPREAD; Dan Nathan is long AMZN APR 240/200/160 PUT FLY; Steve Grasso is long AAPL; Steve Grasso is long ASTM; Steve Grasso is long BA; Steve Grasso is long GDX; Steve Grasso is long LF; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long P; Steve Grasso is long PXD; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long S; Steve Grasso is funds long AAPL; Steve Grasso is funds long HPQ; Steve Grasso is funds long ZNGA.

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