NEW YORK (TheStreet) -- Shares of BlackBerry (BBRY) were retreating, lower by 0.8% to $9.95 in midday trading Friday, after analysts at Morgan Stanley issued a negative note on the company earlier today.
Analysts at the firm said its checks revealed that BlackBerry is facing a tough mobile device management market that may be more mature than most people think.
Morgan Stanley analysts added that they also found the refresh cycle for BlackBerry devices at enterprise accounts to be "underwhelming" to date.
The firm now sees the company's goals of reaching its forecast of $500 million in annual software revenue exiting fiscal 2016 as "unattainable."
Morgan Stanley maintained its "underweight" rating with a $7 price target on BlackBerry shares.
Canada-based BlackBerry is a provider of wireless solution, comprised of smartphones, service and software.
The company provides hardware, software and services that support multiple wireless network standards.
It also provides platforms and solutions for access to information, including email, voice, instant messaging, short message service, internet and intranet-based applications and browsing.
Separately, TheStreet Ratings team rates BLACKBERRY LTD as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate BLACKBERRY LTD (BBRY) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The area that we feel has been the company's primary weakness has been its declining revenues."