Piper Jaffray Downgrades Nokia (NOK) to Neutral; Facing Several Issues

October 2, 2009 7:26 AM EDT
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Price: $5.79 +0.52%

Rating Summary:
    20 Buy, 16 Hold, 7 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 16 | Down: 18 | New: 17
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Piper Jaffray & Co. downgrades Nokia Corporation (NYSE: NOK) to Neutral. Price target lowered from $16 to $14.

Piper analyst says, "Based on our global checks, we believe Nokia's Q309 handset units sales tracked in line with our 108M estimate or slightly above consensus of 106M units. However, due to our belief several issues impacted Q309 device operating margins, we maintain our €0.12 estimate which is basically in line with consensus of €0.12 - €0.13...While we believe Nokia has several initiatives underway to improve its product portfolio and services offering and we are encouraged by some recent management changes, we do not anticipate a material improvement in its device portfolio until at least 2H10. As such we have lowered our 1H10 margin assumptions, resulting in our reduced price target and rating...Based on our lowered 1H10 margin assumptions, we are lowering our 2010 pro-forma EPS estimate from €0.77 ($1.08) to €0.69 ($0.98)."

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