Nokia (NOK) CEO Elop: 'We're Going into Battle with Windows Phone'

August 15, 2012 7:25 AM EDT
If there's one thing you can say about Nokia (NYSE: NOK), it's a committed company.

According to Bloomberg, citing an interview (though it wasn't clear whether it was a Bloomberg interview), Nokia CEO Stephen Elop said his company is sticking with Microsoft's (Nasdaq: MSFT) Windows Phone 8 in the battle of the smartphone bulge.

Comments come as Nokia has been hit over the past few years on stronger sales and market share grabbing from rivals like Apple (Nasdaq: AAPL) and Google (Nasdaq: GOOG) Android-based devices. Investors have questioned whether or not Nokia should have gone with Android instead. Nokia is slowly winding down support for its Symbian operating system, which was largely popular before iOS and Android began grabbing attention.

One firm not being dissuaded by the chatter is Evercore Partners, which started coverage on Nokia with an Equalweight rating this morning, setting a price target of $3 on the stock. The target represents about 21 percent upside from Tuesday's close at $2.49 for Nokia.

Shares are 5 percent higher ahead of the bell Wednesday morning.

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