Why RIM's Death Spiral is Far From Over

A stock down from over $140 to just $16. A flagship tablet product that sold so poorly, it had to be discounted 60%. A discount on said product that cost the company $500 million. Drunk employees forcing airplanes to land mid-flight. The list goes on.

For RIM, once a formidable behemoth, 2011 has been an especially dark year. The company, which pioneered the idea of a smartphone in the early 2000s, now struggles to remain relevant in an era of Android and Apple. Some people say they've hot rock bottom and can only rise back up from here. Jim Suva is not one of those people.

Jim is a Citigroup analyst that is bearish on the already embattled BlackBerry maker. With a "sell-high risk" rating on RIM's stock and a target price of just $15, RIM's troubles are far from over. Citing a lack of "short-term fixes" to improve key areas such as "product portfolio, brand perception, [and] share gains," Jim issued a research note to investors with 10 compelling reasons why RIM's situation may still worsen. Here are some of them.

1. RIM is missing the Christmas shopping season with no new products until 2012.

2. QNX delays have already occurred and more may happen, given RIM's recent reputation of missing deadlines.

3. RIM's restructuring and reduced employee count is controversial; many believe they need to be hiring in order to launch products sooner.

4. The company's sales growth is poised to be less than half the overall industry's smartphone growth.

5. Bring Your Own Device is an emerging phenomenon that is diminishing the value of BlackBerry's famous enterprise service.