Blackberry / Research In Motion Ltd (NASDAQ:BBRY) (TSE:BB) CEO Thorsten Heins put on a brave face for the company’s annual shareholder meeting yesterday, just a few weeks after the firm reported an earnings loss that sent its shares plummeting . Heins said BlackBerry is still in the middle of its turnaround plan and asked investors for patience. He also said the company was open to any options that would create value for shareholders.

BlackBerry BBRY

Deutsche Bank AG (NYSE:DB) (ETR:DBK) noted that management glosses over tough questions at meetings and they came away unimpressed from Blackberry / Research In Motion Ltd (NASDAQ:BBRY) (TSE:BB)’s shareholder meeting.

Management Did A Good Job Of Redirection

Excerpts  like  “progress  can  be  volatile,”  “long-term  transition” and  that  Q1  was  “food  for  thought”  is  not  the  sort  the  language  Deutsche Bank  were hoping  to  hear.  Previously,  it  was  this  forum  that  pushed  out  the  old management and drove the CORE program; however, Deutsche Bank did not get the sense that management feels any sort of change is needed now.

Management Proactively Considering Partnerships In Enterprise

While  management  made  this  point  during  the  meeting,  the  company  has already been through a period where all strategic options were on the table. Now Deutsche Bank AG (NYSE:DB) (ETR:DBK) wonder which companies might be left as a partner of any sort. Deutsche Bank do think that the Enterprise traction is a relative positive sign, but compared to Mobile Iron,  Airwatch and  Citrix, the feature sets in their MDM platform still lag others so maintaining their old relevance will be a challenge.

Management’s Inability To Face The Serious Issues

Deutsche Bank AG (NYSE:DB) (ETR:DBK) said that one questioner went so far as to call the Z10 rollout in North America a disaster.  While  Deutsche Bank own checks pointed to a somewhat dismal launch, it appears the company take-away was that this was a learning experience. To a company that has never launched a phone this would be a good assessment, but not to one that has been through multiple launches. Deutsche Bank think this type of commentary  highlights  management’s  inability  to  face  the  serious  issues  at hand after the launches of their two hero devices.

Deutsche Bank Maintain Ratings And Price Target Of BBRY

Deutsche Bank AG (NYSE:DB) (ETR:DBK) price target is based on a DCF analysis using 11 percent discount rate and 3 percent growth  rate,  consistent  with  the  industry’s  longer-term  average  growth  rate. Upside risks to their price target include the potential for Blackberry / Research In Motion Ltd (NASDAQ:BBRY) (TSE:BB)’s new platform BB10  to  outpace Deutsche Bank expectations.  Also,  better  than  expected  consumer adoption  of  Blackberr’s  existing  handset  BB7  product  line  could  increase  sales above projections.