UPDATE: Hudson Square Research Downgrades BlackBerry to Sell Following Disappointing Results

In a report published Monday, Hudson Square Research analyst Daniel Ernst downgraded the rating on

from Hold to Sell, but reiterated the $8.00 price target. In the report, Hudson Square Research noted, “Given dismal results reported on Friday 6/28, with units, subscribers, revenues, margins, and earnings all well beneath expectations, we believe not only the market will call into the question the long term viability of another smartphone platform, but CIOs will as well, creating another high hurdle in the BB10 sales effort. The accelerating loss of high margin service revenues coupled with the likelihood of near term cash burn, lead us to downgrade Blackberry from Hold to Sell.” BlackBerry closed on Friday at $10.46.