It is close to impossible for HTC to perform a comeback after losing horribly in the global smartphone race, according to analysts in the industry. They called the Taiwanese company as the "biggest victim" of this cutthroat battle for smartphone supremacy, according to an analysis by Citi.

Citi rated HTC's bonds as "sell" after the mobile phone manufacturer reported dismal earnings last Tuesday. Citi cut its yearly target stock price to NT$97 or US$3.23, down from NT$134. This drop is almost a 40% downside.

"The overall high-end demand slowdown forced Samsung to get more aggressive on marketing dollars, which in turn forced other vendors such as Sony and LG to follow. However, HTC, constrained by more limited resources, was not able to follow, which makes [it] the biggest victim of high-end demand weakness," explained Citi's analyst Kevin Change in a statement released Tuesday.

HTC shares plunged 7% after investors questioned the company's future profitability.