BlackBerriesShares in BlackBerry maker Research In Motion (RIM) fell to a nine-year low after Morgan Stanley downgraded the stock, saying the company's challenges are piling up.

Research In Motion's shares closed down 75 cents, or 7.7%, to 9.11 US dollars (£5.85) on the Nasdaq. The bottom for the day was 9.01 dollars, the lowest level since 2003.

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RIM shares have lost 94% of their value since their 2008 peak.

Morgan Stanley's Ehud Gelblum predicted today that shares would fall further because the company is facing a "triple whammy" in the current quarter. He set a price target of 7 dollars on the stock, below predictions of most Wall Street analysts.

Mr Gelblum says the Canadian company's phones are ageing, growth in the global smartphone market is slowing, and shipments are likely to decline ahead of the launch of phones with the radical new BlackBerry 10 software.

The company, from Waterloo, Ontario, has been struggling to adapt to a world where Apple's iPhone sets the standard for how a smartphone should work, and its sales have plummeted.

Mr Gelblum expects BlackBerry 10 to bomb, leading to a more rapid decline in BlackBerry sales than other analysts have projected.

He believes the company will have 7 billion dollars in sales in the next fiscal year, which begins next March. Analysts polled by FactSet expect it to pull in 12 billion dollars.

Like other analysts, Mr Gelblum is valuing RIM based on the value of its parts, not as an earnings-producing whole.

The real value of the company is below the sum-of-the-parts valuation, he wrote, because the company is not winding down and selling off its parts immediately.

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