"This is a very different company than Dell," he said. "This company is burning through cash at $250-plus million a quarter, and as a result I think it's going to be unlikely that a financial sponsor will be able to leverage the balance sheet to take it private. We think it's probably a combination—a take under, if you will—of one or more strategic buyers, probably at a lower price."
Colin Gillis, a technology analyst for BGC, said in a note Monday that his firm did not see any obvious strategic buyers for BlackBerry, as Apple, Google and Microsoft have their own platforms. Samsung may have some interest, because it might aim to reduce its dependence on Google's Android operating system, he added.
"It is possible that the company may be able to pull together a consortium to take BlackBerry private, Gillis said. "If that is possible, the company should do it, immediately. That said, it may be difficult to find the capital needed to take the company private given the declining business metrics."
Some Asian handset vendors could want to look at BlackBerry's Asian and Latin American distribution networks for hardware, and perhaps one of the U.S. enterprise companies would be willing to pay a low price for its enterprise service business, Smithen said.
"Clearly, some of the legacy technology companies out there have been struggling with the transition to mobile, and BlackBerry clearly has, at least today, a large enterprise customer base," he said. "So I can see why on the surface some of the PC vendors might be interested in this technology, but I just don't see why they would pay for an eroding asset."
Strategically, the company could also transform into a software company if the BlackBerry 10 fails, Colello said.
(Read more: Apple sets iPhone launch date, Wall Street says buy now )
"They do have some assets; they do have value in the company," he said. "But we don't see much more value, particularly with the stock at $10.50 or so."
—By CNBC's Cadie Thompson. Follow her on Twitter @CadieThompson.