Wedbush Cuts Price Target & Estimates on Nokia (NOK) Following Lowered Q2 and FY11 Guidance
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Price: $10.76 +1.89%
Rating Summary:
24 Buy, 13 Hold, 6 Sell
Rating Trend:
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Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
24 Buy, 13 Hold, 6 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Wedbush is reiterating its Neutral rating on shares of Nokia (NYSE: NOK) and is lowering its price target from $8 to $7.50.
The company lowered its Q2 and FY11 device and service guidance well below its previous outlook and notes that margins are also likely to fall substantially to almost breakeven given such a weak sales forecast.
In Europe and China the company is really facing pressure from rising sales in Android phones. The company also had a channel inventory issue in China, which the CEO categorized as mis-management.
The firm is encouraged with managements increasingly confident mindset about Q4's ship date for a Nokia Windows Phone device.
Wedbush is cutting its FY11 EPS estimates from $0.68 to $0.50 and its revenue estimates from $59.7 billion to $56.5 billion. The firm is also lowering its FY12 estimates from $0.75 to $0.66 and $60.4 billion to $58 billion.
For more ratings news on Nokia click here and for the rating history of Nokia click here.
Shares of Nokia closed at $7.02 yesterday.
The company lowered its Q2 and FY11 device and service guidance well below its previous outlook and notes that margins are also likely to fall substantially to almost breakeven given such a weak sales forecast.
In Europe and China the company is really facing pressure from rising sales in Android phones. The company also had a channel inventory issue in China, which the CEO categorized as mis-management.
The firm is encouraged with managements increasingly confident mindset about Q4's ship date for a Nokia Windows Phone device.
Wedbush is cutting its FY11 EPS estimates from $0.68 to $0.50 and its revenue estimates from $59.7 billion to $56.5 billion. The firm is also lowering its FY12 estimates from $0.75 to $0.66 and $60.4 billion to $58 billion.
For more ratings news on Nokia click here and for the rating history of Nokia click here.
Shares of Nokia closed at $7.02 yesterday.
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