A new report, from Barclays Capital analyst Jeff Kvaal claims we won’t see a BBX device until mid-2012, which oddly enough backs up what we exclusively told you with the BBX Superphone specs. As a result, Kvaal has listed RIM as equal rate and has slashed their price target from $40 to $23. The reason Kvaal has done this:

“We believe QNX smartphones are delayed beyond management’s last public statements of a 1Q12 release,” says Kvaal. “RIM’s preference to hold the launch until fully ready is the correct decision in our view, though it does imply that management is anticipating delays in the launch. The company has recently shied away from any reaffirmation of the timeline and have had several public forums to do so. … Putting this aside, our math on carrier certification timelines which require at least six months in the US suggests a late 1Q12 launch at best. … However, we believe technical challenges are high as we have seen with the delay of Playbook 2.0, and we therefore consider a mid-year launch more likely and our checks across the distribution channel support this view.”

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It is a tough decision for RIM to either rush a BBX Superphone to market and risk it being half-baked (like the PlayBook). Or, take reasonable time to get the product fully developed and prime for release by May 2012. Which path do you think RIM should take?

via ATD