Blackberry Limited (NASDAQ:BBRY) is one of the tech stocks that was hit heavily by the competition in the smartphone market. The company failed to capitalize on a strong head start and eventually lost ground to competitors. The smartphone hardware business for the company has essentially been doomed with MKM Partners going as far as dubbing it entirely “worthless.” The growth in Enterprise Mobility Management has not been impressive either and the market positioning has declined severely over the past few financial periods.

MKM Partners believes that the recent announcement of more than 100 consumer additions globally for the EMM suite is below par. The Service Access Fee revenue has been declining rapidly which, the management believes has been and will continue to be offset by growth in software sector. However, analyst remains unconvinced and believes that during the year 2017 SAF declines will be greater than the relative gain from the software segment. Additionally there is no guarantee that blackberry’s initiatives in automotive and cyber security will yield any sizeable impact.

The software segment valuation was increased at MKM partners to $5 from prior $4, while, the SAF revenue valuation was reduced to $1 from $1.5, lastly, net cash per share was cut to $2.5 from $3 contributing to total valuation of $8.50. In addition to MKM, CLSA was also largely unimpressed by management’s creative ploys regarding the calculations that show SAF declines being offset by software growth. Furthermore, CLSA agrees with management remarks of blackberry brand slipping into irrelevance rather than high-end smartphone demand being the culprit and has reduced the price target to $7.50 from $8.50.

CLSA rates the stock underperform, while, MKM remains neutral. The analyst opinion for the stock has largely been a Hold with 15 ratings. Other ratings include two strong Buy, two Buy, and eight Underperform ratings. The stock is currently trading at $7.28.