Since late last week when the initial report appeared and then Monday when it was confirmed, speculation has been growing about who might be interested in rescuing BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB). Many analysts believe the company doesn’t have much to offer to potential buyers, so the list of those interested might be rather short.

BlackBerry

However, analysts at Cormark Securities see things differently, and investors seem to agree with them. Shares of BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) surged during regular trading sessions Friday and Monday, and it looks like the stock will keep going up today. Shares rose as much as 4 percent at the NASDAQ early this morning.

What does BlackBerry have to offer?

Analysts Richard Tse and Hubert Mak of Cormark Securities have a Buy rating and $13.50 per share price target on BlackBerry. They list three key ingredients that the struggling handset maker does offer to potential buyers: the mobile operating system and platform, an IP portfolio and a global network which connects into about 600 carrier networks.

The analysts note that any company which doesn’t have a meaningful presence in mobile may be interested in BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB). Specifically, they name Dell Inc (NASDAQ:DELL), Hewlett-Packard Company (NYSE:HPQ) and International Business Machines Corp. (NYSE:IBM).

Partnership with Dell could be “compelling”

In particular, the analysts find a deal between BlackBerry and Dell Inc (NASDAQ:DELL) to be especially “compelling.” They believe Dell could offer the scale BlackBerry needs on the hardware ide, enabling BlackBerry to completely close its hardware business. The Cormark Securities analysts believe that on its own, BlackBerry’s services and business segments could generate $1 to $2 per share in earnings without the drag of the company’s hardware segment.

A sale of BlackBerry’s parts?

The analysts joined others in weighing in on what BlackBerry would be worth if it were broken up. They believe that value is $13.50 per share and that management will do everything they can to preserve that value.

Bloomberg’s Tara Lachapelle reported on a number of analyst views regarding the future of BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB). Raymond James Financial analyst Steven Li estimates that a private-equity firm might pay between $10.50 and $14 per share for the company, depending on whether it can get its earnings up. However, if it liquidates and sells its parts off to various bidders, it might be valued anywhere between $7 and $15 per share. According to Li, BlackBerry’s patent portfolio is worth about $1.6 billion, while its licenses are valued at around $824 million.

Canacord Financial analyst T. Michael Walkley has a less optimistic view about BlackBerry. He values it at around $8 per share, based on a sale of the company’s parts. BMO Capital Markets analysts also take a less rosy view on BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB). They also value the company at $8 per share.