UPDATE: Baird Lowers Nokia (NOK) to Underperform; Says Losing Market Share at Both Ends of the Spectrum
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Price: $3.65 +1.39%
Rating Summary:
10 Buy, 14 Hold, 15 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
10 Buy, 14 Hold, 15 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Trade NOK Now!
(Updated - June 14, 2012 1:34 PM EDT)
Earlier, Robert W. Baird sliced its rating on Nokia (NYSE: NOK) from Neutral to Underperform, halving its price target from $4 down to $2 in the process. The move came following Nokia's announcement of a new streamlining process, which would involve the cutting of ten-thousand jobs as well as asset divestitures.
Analyst William Power said that although recent market share losses were concerning, the latest price descent "threatens its very survival." Though he sees solid shipments in Nokia's Windows Phone-equipped Lumia device in the quarter, sales won't enough to offset losses elsewhere in the company.
Power also noted Nokia continues to lose share at both ends of the market, at the high-end and low-end with both smartphones and feature phones. In addition, he noted Nokia's loss of grasp in the burgeoning emerging market scene, as lower-cost, locally-made OEMs enter the market.
Nokia is trading 14 percent lower Thursday afternoon.
For an analyst ratings summary and ratings history on Nokia click here. For more ratings news on Nokia click here.
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Earlier, Robert W. Baird sliced its rating on Nokia (NYSE: NOK) from Neutral to Underperform, halving its price target from $4 down to $2 in the process. The move came following Nokia's announcement of a new streamlining process, which would involve the cutting of ten-thousand jobs as well as asset divestitures.
Analyst William Power said that although recent market share losses were concerning, the latest price descent "threatens its very survival." Though he sees solid shipments in Nokia's Windows Phone-equipped Lumia device in the quarter, sales won't enough to offset losses elsewhere in the company.
Power also noted Nokia continues to lose share at both ends of the market, at the high-end and low-end with both smartphones and feature phones. In addition, he noted Nokia's loss of grasp in the burgeoning emerging market scene, as lower-cost, locally-made OEMs enter the market.
Nokia is trading 14 percent lower Thursday afternoon.
For an analyst ratings summary and ratings history on Nokia click here. For more ratings news on Nokia click here.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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