According to a report that appeared on earlier today, Research In Motion Ltd (NASDAQ:BBRY) (TSE:BB)/Blackberry is about to cut build targets on their BB10 smart phones. The report is based on research carried out by analysts at Cleveland Research. On today’s market, Research In Motion Ltd (NASDAQ:BBRY) (TSE:BB)/Blackberry shares had fallen by more than 4.5 percent at time of writing.

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According to the research, early feedback on the Blackberry Q10, the latest smartphone released by Research In Motion Ltd (NASDAQ:BBRY) (TSE:BB)/Blackberry, shows that demand is less than was anticipated, and the company is cutting its build targets to compensate. According to the report the company will cut Z10 build targets from the current levels of 10-12 million per quarter.

The research suggests that Z10 sell through in Canada and the United Kingdom, two of the company’s most important test markets for its flagship device, is at about half of the levels anticipated by Research In Motion Ltd (NASDAQ:BBRY) (TSE:BB)/Blackberry. The news spells disaster for the company as it tries to resurrect its fortunes.

So far in 2013, shares in Research In Motion Ltd (NASDAQ:BBRY) (TSE:BB)/Blackberry are up 25 percent. Optimism has surrounded the company on a booming stock market as investors saw the company as a good bet with high reward if it paid off. This morning’s news means that the company’s products are unlikely to deliver in the short term, but they could perform well enough for the company to survive.

For Research In Motion Ltd (NASDAQ:BBRY) (TSE:BB)/Blackberry, BB10 did not have to be a massive resounding success, though that would have been nice. All the firm really required was a product that could sell enough to stabilize its cash flow, and give it capital to reinvest in research.

The Blackberry Q10 is still not available in the United States, and that is the most important market for any company selling premium smart phones. If the Q10 does well in the United States, though it might be unlikely after the initial reaction in the test markets, Research In Motion Ltd (NASDAQ:BBRY) (TSE:BB)/Blackberry could be saved.

Another factor that may be reassuring to those holding shares in the company is the importance of the enterprise market to Research In Motion. Enterprise buyers won’t commit to big purchases until phones have been tested and infrastructure upgrades have been primed. Enterprise may still save the Blackberry, but right now it’s not promising.