Nokia (NOK) Lower; RBC Sees Tough Q2 and Q3, Cuts PT 30% on Windows Phone Sales Outlook

Nokia (NYSE: NOK) shares are down for another session following a price target cut at RBC.

According to the firm, Nokia's second-quarter is likely to be a rough one given the turbulent transition ahead to Windows Phone 8 and current Lumia models not being upgradable to the next-generation mobile OS. In addition, RBC notes how Microsoft (Nasdaq: MSFT) is becoming more vocal in diversifying its partner base.

Despite the dire outlook for Q2, Nokia will also have trouble in the third quarter due to cash burn and stagnant customer numbers.

Amid the outlook, RBC is trimming its price target 30 percent to €3.50, maintaining a Sector Perform on the stock.

Of note, Nokia's next earnings release is slated for July 19th.

For an analyst ratings summary and ratings history on Nokia click here. For more ratings news on Nokia click here.

Shares of Nokia closed at $1.84 yesterday.

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