Nomura Securities Maintains a 'Neutral' on Nokia (NOK); Is This As Bad As It Gets?...Not Yet At Rock Bottom

April 11, 2012 10:33 AM EDT
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Price: $3.33 +0.91%

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Nomura Securities maintains a 'Neutral' on Nokia (NYSE: NOK) price target of EUR4.00.

Analyst, Stuart Jeffrey, said, "This morning, Nokia pre-announced headline Q1 results that fell below expectations and warned that Q2 EPS may also disappoint. Importantly, Nokia’s issues are across all its device platforms...We see a continued risk that Q2 proves weaker than even the new guidance implies. Moreover, unless new feature phone models are an instant hit, there is a risk that Q3 will see another leg down in earnings."

"However, the smaller revenues from Symbian get, the lower the risk of further downside surprise. Moreover, anyone owning Nokia is probably doing so with a view to capitalising on the company’s Windows Phone turnaround. Faster-than-expected declines in Symbian may just bring forward the bad news and allow any potential Windows (Nasdaq: MSFT) Phone-based recovery to have an undiluted impact on company earnings."

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 $5.03 yesterday.

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