Blackberry (RIMM) Broken Says Sanford Bernstein

Citing the current strength in overseas sales shrinking, Sanford Bernstein analyst Pierre Ferragu said “BlackBerry (NASDAQ:RIMM) is a broken brand,” and maintains an "Underperform" on the company.

While he's looking for the company's next quarter to be good, as well as the 1st quarter afterwards, he sees full year revenue for RIM dropping to about $23.4 billion, under the consensus of $23.8 billion.

Revenue for the fourth quarter, expected to be reported on Thursday, is projected by Ferragu to reach the high end of RIM’s forecast for $5.5 billion to $5.7 billion.

Noting surveys from 2010 by Bernstein, Ferragu says only about 43 percent of Blackberry owners will continue on with the platform, in contrast to 92% of Apple (NASDAQ:AAPL) iPhone owners and 87% of owners of Google‘s (NASDAQ:GOOG) “Android“-based phones.

Research in Motion closed at $62.17 on Monday, gaining $1.26, or 2.07 percent.