Canaccord Genuity Maintains a 'Hold' on Nokia (NOK); Mobile Phone Units Rebound, Smartphone Transition on Track
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Price: $10.76 +1.89%
Rating Summary:
24 Buy, 13 Hold, 6 Sell
Rating Trend:
Up
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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Canaccord Genuity maintains a 'Hold' on Nokia (NYSE: NOK) price target of $7.50.
Canaccord analyst, T. Michael Walkley, said, " While we believe Nokia’s devices and services division will struggle around breakeven levels until WP7 smartphones ramp in meaningful volume around mid-2012, we are encouraged by our recent checks indicating improving demand for Nokia’s mobile phones, particularly the new dual-SIM products. While stabilizing mobile phone trends help bridge the gap to WP7 smartphones ramping in volume next year, we maintain our rating."
"...we have increased our September quarter mobile phone unit estimates from 77M to 83M units and decreased our smart device estimates from 16M to 15M units. These changes resulted in our mobile device unit estimates increasing from 93M to 98M and our blended ASPs decreasing from €54.5 to €52.8, resulting in little change to our Q3/11 sales forecast."
For more ratings news on Nokia click here and for the rating history of Nokia click here.
Shares of Nokia closed at $6.34 yesterday.
Canaccord analyst, T. Michael Walkley, said, " While we believe Nokia’s devices and services division will struggle around breakeven levels until WP7 smartphones ramp in meaningful volume around mid-2012, we are encouraged by our recent checks indicating improving demand for Nokia’s mobile phones, particularly the new dual-SIM products. While stabilizing mobile phone trends help bridge the gap to WP7 smartphones ramping in volume next year, we maintain our rating."
"...we have increased our September quarter mobile phone unit estimates from 77M to 83M units and decreased our smart device estimates from 16M to 15M units. These changes resulted in our mobile device unit estimates increasing from 93M to 98M and our blended ASPs decreasing from €54.5 to €52.8, resulting in little change to our Q3/11 sales forecast."
For more ratings news on Nokia click here and for the rating history of Nokia click here.
Shares of Nokia closed at $6.34 yesterday.
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