Morgan Stanley's James Faucette said the firm's checks indicate BlackBerry's BES12 is facing a tough mobile device management market that may be more mature than most people think. Checks also found the refresh cycle for BlackBerry devices at enterprise accounts to be "underwhelming" to date. The company's goals of collecting $9 per month in ARPU and capturing the roughly 8M-10M subscribers needed to hit guidance of $500M in annual software revenue exiting FY16 appear unattainable at current rates unless the company accelerates revenue acquisitions at potentially dilutive multiples, added Faucette, who keeps his Underweight rating and $7 price target on BlackBerry shares.