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In addition to Morgan Stanley, Needham, Deutsche, and SocGen have now downgraded BlackBerry (BBRY +0.2%) in response to its FQ1 miss; the cuts follow Friday downgrades from Macquarie and Wells Fargo. Deutsche's Brian Modoff (Sell) argues heavy marketing spend "will create a heavy cash burn" unless sales pick up. Needham's Charlie Wolf (Underperform) frets about competition. "While [BBM] drove sales in the emerging markets ... the competitive landscape has become much more treacherous with alternative instant messaging services and low-priced Android devices flooding this market." Shares have bounced from their premarket lows.
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