Can BlackBerry Win the Battle of the Underdogs?

The analysts at Bernstein supply what seems to be a highly reasonable perspective on the company. According to the Wall Street Journal, the analysts wrote: “We remain skeptical of BlackBerry’s ability to orchestrate a sustainable comeback, but we believe that a successful launch will increase the option value of credible positive outcomes like a stabilized niche positioning, the development of new business models, strategic partnerships or even an acquisition.”

The smartphone market is bigger than two players, but between the two of them Apple (NASDAQ:AAPL) and Google (NASDAQ:GOOG) are unlikely to give up their leading positions anytime soon. BlackBerry stands in the shadow of two tech giants, both of which have robust businesses outside of their smartphone segments. David versus Goliath is a great story, but there’s more than one David in the market.

According to data provided by IDC, the underdog that comes out on top is Microsoft’s (NASDAQ:MSFT) Windows Phone…