A financial buyer would be one who thinks it's possible to turn the business around, and "take advantage of some of the embedded users." A strategic buyer, though, might be looking to nudge RIM out of the market for good.
"A strategic buyer will either look like someone who wants to take them out of business or doesn't have a handset business and needs one," Hogan said. "So there is a certain amount of value, unfortunately, I think the value is less than the market cap that its trading at right now."
RIM reported a lossThursday of $192 million, or 37 cents per share, on revenue of $2.81 billion, a 43 percent decline since a year ago.
More than 10 brokerages slashed price targetson RIM's stock Friday after it reported earnings and announced that the release of its latest phone, the Blackberry 10, would be delayed.
The company's shares have dropped 70 percent over the last year, and the company will probably see further decline in stock price before there is a buyer, Hogan said.
"You have to look at the massive value destruction that it's already gone through, so I think it's got a bit more than what we are seeing right now, and at some point in time someone will recognize the intrinsic value and say, 'Enough, we're going to take this thing private' or 'we're going to take this thing in-house and use the parts that are still valuable.'"