“If they address the device side, by moving beyond being just a smartphone manufacturer, that would solve another big problem,” said Sutherland.
Jeff Kilburg, managing partner of Kilburg Capital and CNBC contributor, thinks RIM is a "buy."
“I think you have to consider stepping in and buying here [because] we have seen the stock absolutely decimated," Kilburg said. "I think RIM is due. There is high expectation on this BlackBerry 10, so get in at this $12 to $13 price level.”
Currently, Research In Motion holds less than 7 percent of the world’s smartphone market.
Without solving shortfalls in both app developers and device offerings, Sutherland said, “there’s a lot of trouble ahead for the company.”
By trouble, he means competition. As Apple and Google Android device makers begin to move into lower-priced developing markets, where Research In Motion is planning its comeback, Sutherland expects further subscriber losses.
The company’s stock on Wednesday traded under $13 a share, and Wedbush Securities’ target is actually “slightly” higher.
“We think there’s obvious value in some of the parts of the company,” said Sutherland. “They have a great patent portfolio. We just think the device part of the market for RIM is troubling.”
Additional News: RIM May Have New Hope in One Market
Additional Views: Can BlackBerry 10 Save RIM?______________________________
CNBC Data Pages:
Scott Sutherland does not personally own shares of RIMM, but Wedbush Securities makes a market (matches buyers and sellers) of the stock. Jeff Kilburg does not personally own RIMM shares.
Follow Jennifer Leigh Parker on Twitter @jparker741.