Canaccord Downgrade https://business.financialpost.com/2012/12/03/rim-downgraded-as-analyst-says-fundamentals-dont-support-share-gains/
“While we believe BB10 is a dramatically improved user experience versus BB7 and RIM’s new hardware is more competitive with higher-end smartphones, our checks do not indicate the consumer pull, carrier push, or developer excitement necessary for BlackBerry 10 to reverse the challenging trends faced by RIM in order to return the company to sustained profitability,” Mr. Walkley told clients.
Re: consumer pull, it's no surprise there isn't much yet, since Blackberry hasn't done any advertising yet. The consumer isn't going to "pull" for something if they aren't aware of it yet.
Re: carrier push, what Mr. Walkley is hearing appears to be dramatically different from what the other analysts are hearing.
Re: developer excitement, this is certainly debatable. The developers that are using the new BB10 tools are excited about the platform, but there is a question of volume.
He raised his target to $10 from $8, but switched from a hold to a sell. The sell strikes me as peculiar, given the trading volatility and proximity to $10 already.
Unless I'm mistaken, only Morgan Stanley has a target below $10 now, so I'd guess $10 will serve as a floor prior to launch barring any major negative news.