One analyst has changed his stance and it’s not favourable for Waterloo-based BlackBerry.

This morning, Michael Genovese of MKM Partners cut his rating on BlackBerry to sell from neutral.

His new target share price is $10, down from his original $12.

Genovese points out that the new BlackBerry 10 has a lack of applications. He also cites stalled momentum in the United Kingdom and the market in the United States.

He adds they also think the new operating system isn’t enough to save the brand.

BlackBerry’s new Z-10 was launched earlier this month in Canada and the U.K.