Goldman Sachs Downgrades Nokia (NOK) to Neutral

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June 1, 2011 7:19 AM EDT
Get Alerts NOK Hot Sheet
Price: $9.10 -6.47%

Rating Summary:
    24 Buy, 13 Hold, 6 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 8 | Down: 12 | New: 5
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Goldman Sachs downgraded Nokia (NYSE: NOK) from Buy to Neutral and cuts their price target from $12.40 to $7.30.

The firm said lower Q2 revenue expectations just six weeks after giving guidance has materially increased downside risks.

Goldman said the company's rapid market share loss threatens its distribution advantage, and will make it harder to regain share with Windows phones. They also note the company's balance sheet is weakening and anohter 30% drop in sales would use up its EUR 6 billion cash pile.

For more ratings news on Nokia click here and for the rating history of Nokia click here.

Shares of Nokia closed at $7.02 yesterday.

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