Nokia (NOK) Gets Two Notch Upgrade; Firm Sees Plenty of Upside in FY12

Nokia (NYSE: NOK) is trading sharply higher in pre-open U.S. trading Thursday, following a two-notch upgrade by Credit Suisse.

The firm upgraded Nokia from Underperform to Outperform, with its price target increased from €4 prior to €6, indicating over 50 percent of upside ($7.72 at today's exchange rate).

Credit Suisse said Nokia's focus on Microsoft's (Nasdaq: MSFT) Windows platform will allow for recovery through 2012, with devices and services revenue growth from the second-half of 2011.

Nokia will also be able to get a 13 percent share of the global smartphone market in the year, and carriers are "widely supportive" of Nokia and its smartphone ecosystem.

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