RIM, which renamed itself BlackBerry, showcased two devices, Z10 and Q10, running on its new BB10 operating system as the smartphone pioneer looks for a fresh start.

"Despite recent enthusiasm for RIM's new BB10 devices, we see limited scope for traction in the hypercompetitive smartphone market," Credit Suisse analysts wrote in a note.

RIM faces an uphill struggle in terms of gaining smartphone market share, the Credit Suisse analysts said, downgrading the stock to "underperform" from "neutral".