BlackBerry maker Research In Motion must launch innovative devices on schedule and offer credible earnings forecasts to win back the trust of investors made wary by its missteps, an analyst said on Tuesday.

According to Reuters, in a note to clients, RBC Capital Markets analyst Mike Abramsky cut his price target on RIM shares to $29 from $35 and slashed its estimates for earnings per share for the current fiscal year by 11 percent and for the next fiscal year by almost 19 percent.

He said RIM remains a potential buyout target due to its proprietary messaging services, global subscriber base and strong patent portfolio. He valued a takeout at $30 a share and named Microsoft, Cisco, IBM and Nokia and possible buyers.

Abramsky''s target is still well above RIM's share price of around $23.50 on Tuesday, but the change moves RBC below the $31 mean average of analysts. Analysts' forecasts for the share price range from a low of $18 to a high of $75.

In February, RIM shares changed hands for as much as $70, but the stock has slumped after a series of profit warnings, coupled with the botched launch of its PlayBook competitor to Apple's iPad.

RBC's earnings per share estimates for RIM of $4.95 for fiscal 2011 and $5 for 2012 are about 10 cents a share higher than the average analyst estimate.