Canaccord Genuity Cuts Price Target and Estimates on Nokia (NOK); Channel Checks Prove Worthy

June 15, 2012 8:23 AM EDT
Get Alerts NOK Hot Sheet
Price: $4.74 +1.07%

Rating Summary:
    17 Buy, 25 Hold, 6 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 23 | Down: 34 | New: 34
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Canaccord Genuity maintains a 'Hold' on Nokia (NYSE: NOK) price target lowered from $3.50 to $2.70.

Analyst, Michael Walkley, said, "Consistent with our channel checks for the past several months and cautious stance on Nokia's fundamentals, Nokia lowered its Q2/12 guidance, announced another massive restructuring plan, and replaced several key management team members. Due to our expectations for a continued sharp decline in Symbian smartphone sales during 2012 combined with a slow ramp in Windows (Nasdaq: MSFT) smartphone volume that has a product gap until Q4/12 and continued Mobile Devices pricing pressure, we believe 2012 remains a challenging transitional year for Nokia. "

Walkley, lowers FY12 loss from (0.35) to (0.42) and FY13 from $0.07 to (0.11)

For an analyst ratings summary and ratings history on Nokia click here. For more ratings news on Nokia click here.

Shares of Nokia closed at $2.35 yesterday.

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