First-day sales of Research In Motion Ltd.'s BlackBerry PlayBook exceeded rather low expectations, but were marred by poor execution.

Checks of 70 retail stores found 11 per cent of the locations stocking the device were sold out, according to Mike Abramsky, analyst at RBC Capital Markets. He estimates day one sales of 50,000, including pre-orders, and that RIM is on track to ship 500,000 PlayBooks in the first quarter of fiscal 2012.

"The launch appears to have been stronger than the launch of Motorola's Xoom [Android] Tablet, or the Samsung Galaxy Tab, although it's too early to judge sustainability," Abramsky said in a note to clients.

However, he highlighted the fact that BlackBerry Bridge, which is required to get email on the PlayBook, has yet to be approved by AT&T.; Coupled with the tablet's lack of stand-alone email and an incomplete consumer experience, the device's tainted launch raises the bar RIM needs to meet to restore investor sentiment, the analyst said.

He expects some of these shortcomings will be addressed via software updates and new versions in the next few months.

However, "resolution of the AT&T; issue, app momentum and Enterprise testing may be needed however before sales reach critical mass," Abramsky said.

RBC continues to rate RIM shares a top pick with a $90 US price target, implying upside of about 70 per cent.