<p>Shares of BlackBerry (BBRY) retreated another 2% Wednesday morning after Citigroup (C) issued a "sell" rating on the struggling smartphone maker due to a lack of options for a turnaround.</p><p>The bearish analyst research underscores the extremely difficult position BlackBerry finds itself in due to bleeding cash, a depleted market position and a continued brain drain.</p><p>"We see no clear-cut strategy, simple or otherwise, to help BBRY out of the strategic box it finds itself in," Citi analyst Ehud Gelblum wrote in a note issued Tuesday afternoon.</p><p>Gelblum assumed coverage with a "sell" rating on the Canadian smartphone maker and set a $4 price target, which represents a 33% plunge from the company's Tuesday close at $5.97.</p><p><a href="http://www.foxbusiness.com/industries/2013/12/11/citigroup-slaps-sell-rating-on-blackberry-amid-dwindling-options/">Keep reading...</a></p><p>Read also:</p><p><a href="http://www.usatoday.com/story/tech/2013/12/11/tech-stocks-blackberry/3986591/">Tech stocks: BlackBerry dips on down rating</a> (USA TODAY)</p><p><a href="http://www.wkrb13.com/markets/238303/blackberry-now-covered-by-analysts-at-citigroup-inc-bbry/">BlackBerry Coverage Initiated by Analysts at Citigroup Inc. (BBRY)</a> (WKRB News)</p><p><a href="http://blogs.barrons.com/techtraderdaily/2013/12/10/blackberry-citi-cuts-to-sell-shut-down-would-eat-all-its-cash/">BlackBerry: Citi Cuts to Sell; Shut-Down Would Eat All its Cash</a> (Barron's (blog))</p><p>Explore: <a href="http://news.google.com/news/more?ncl=dXytTYr0ZtoAHUMEga7lu0nHh1aKM&ned=us">43 additional articles.</a></p>