Research In Motion has seen better days and it could get worse thanks to Apple's iCloud.

For the first time in more than two years, the company's stock fell below $40 per share. It currently sits at $39.12 per share. Analysts cut their forecast of the company citing a lackluster product lineup coming out this summer and increasing competitive threats.

We believe RIMMs success is now much more dependent on its consumer appeal where it is under attack from Android and Apple. Further, the Enterprise base is also vulnerable as corporations increasingly contemplate a BYOD (bring your own device) model with Apple and Android alternatives, Passi said.

RIM's market share in smartphone operating system is at 25.6 percent, dipping from 30.4 per cent a year ago according to ComScore. Meanwhile, Apple rose from 25.7 per cent to 26 percent.

But this worst may be coming soon fo RIM. Analysts say another competitive threat facing RIM may not be hardware at all, it might be Apple's iCloud.

Apple is set to unveil the iCloud next week at the Worldwide Developer's Conference (WWDC). The details behind the iCloud are not definite. Most reports say the iCloud will provide a place for consumers to store streaming media, from any source and not just iTunes, which would subsequently be able to be synced to any compatible device. Various reports say Apple has locked up deals with the four major music labels, in order to get their music on board for this service.

Shaw Wu, analyst at Stern Agee, says the iCloud could help drive more hardware sales for Apple. In turn, it could affect some of Apple's biggest competitors including RIM.

We did some additional analysis on the potential impact on AAPL's iCloud on the competitive landscape and believe RIMM could see collateral damage, Wu said.

iCloud has the potential to change the game again in making iTunes even more powerful and useful by giving users access to their content from any device, anywhere. Competitors including RIMM, GOOG, AMZN and MSFT already have a hard time competing with iTunes as it is but we believe will likely find it even tougher with iCloud enhancements.

Follow Gabriel Perna on Twitter at @GabrielSPerna