It’s the 'Beginning of the End' for BlackBerry: Pro

BlackBerry shares got squashed on Friday after disappointing quarterly earnings in which the company failed to revive its fortunes with the new BlackBerry 10 smartphone. And that has one analyst suggesting the company's days are numbered.

"There were three metrics investors were looking at," said Anil Doradla, an analyst at William Blair, "subscribers, gross margins and BlackBerry 10 sales. All three were very disappointing."

He said even the cautious analysts on Wall Street expected BlackBerry to benefit from pent-up demand and some inventory fill up, but that didn't happen.

"For many investors going into the earnings, people thought this was the end of the beginning," Doradla said. "Now it appears this is the beginning of the end for the company."

Other analysts see a way forward for BlackBerry.

Jefferies analyst Peter Misek has a "buy" rating on the stock and a $22 price target. His bullish outlook is not based on a revival of BlackBerry's smartphone business, but on software, particularly the software to manage mobile devices.

"The high end of the smartphone market is saturated and it's bad for everyone—Samsung, Apple and BlackBerry just got crushed," he told CNBC.

(Read More: The 'Next Big Things' in Wearable Tech)

The Jefferies analyst said that smartphone inventories for every manufacturer he tracks are building as the market reaches saturation.

Misek added that all the growth is at the low end. But that's not a market where Apple, Samsung or Blackberry "can play or make money."

Mark Sue, analyst with RBC Capital Markets, has a "market perform" rating on BlackBerry shares and said the stock is likely to remain range bound between $15 at the upper end and $8.50 at the lower end.

That may make it a stock for traders, Sue said.

Additional News: BlackBerry Posts Larger-Than-Expected Loss

Additional Views: Cramer: BlackBerry Signals 'Sell Before It Gets Really Bad'



William Blair owns more than 1 percent of BlackBerry shares and the company is an investment-banking client; Jefferies makes a market in BlackBerry securities; RBC has provided BlackBerry with nonsecurities services in past 12 months.