BlackBerry, with the help of Fairfax Financial, attempted to go private. However, the plans fell through when BlackBerry couldn’t garner the financing to meet a $9 per share deal.

Although, BlackBerry was still able to gain a $1 Billion cash infusion investment from Fairfax Financial last quarter. According to Bernstein analyst, Pierre Ferragu, that might be barely enough.

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“As we expected, Fairfax’s attempt to take out Blackberry has failed, driving the stock to all time lows. We believe the near term will be very challenging, and we model almost 800m burnt in this quarter alone,” said Ferragu.

“However, our detailed analysis shows that the company has assets worth $6bn-$13bn. In this context, current price reflects a conservative SOTP valuation, with limited room for further decline in the stock price also including liquidation costs,” he added. “We upgrade the stock to market perform, with a target price of $5.5, as we think that most of the trade is now behind us, while it is also too early to take a position on the potential success of the company’s turnaround.”

Bernstein has upgraded BlackBerry (NASDAQ: BBRY) from Underperform to Market Perform with a price target of $5.50.