MKM Partners on Nokia (NOK): Slowing Phone Sales & Higher Cash Burn Rate Don't Mix - Reiterate 'Sell'
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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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MKM Partners reiterates a 'Sell' on Nokia (NYSE: NOK) price target of $1.50.
Analyst, Michael Genovese, said, "We found yesterday’s introduction of the Lumia 920 and Lumia 820 models to be disappointing due to fairly undifferentiated “me too” smartphone performance and a lack of specific details about launch timing, carrier partners and pricing. We maintain our negative outlook on Windows Phone demand, as we see little happening to make high-end consumers want to own Windows Phone products."
Genovese believes NOK will end up negatively pre-announcing by the end of the month. Also, cash burn rate will probably move higher (from EUR400M to EUR500M) in Q3 vs. EUR13M in Q2.
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 $2.38 yesterday.
Analyst, Michael Genovese, said, "We found yesterday’s introduction of the Lumia 920 and Lumia 820 models to be disappointing due to fairly undifferentiated “me too” smartphone performance and a lack of specific details about launch timing, carrier partners and pricing. We maintain our negative outlook on Windows Phone demand, as we see little happening to make high-end consumers want to own Windows Phone products."
Genovese believes NOK will end up negatively pre-announcing by the end of the month. Also, cash burn rate will probably move higher (from EUR400M to EUR500M) in Q3 vs. EUR13M in Q2.
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 $2.38 yesterday.
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