RBC analyst upgrades Nokia
Nokiaâ€™s share price slumped more than 50% since it announced that it was transitioning to Windows Phone 7 from Symbian.
That may however represent a great deal for investors willing to get in at the bottom, with RBC analyst Mark Sue upgrading Nokia to an Outperform rating and setting a price target of $9, significantly higher than the current price of $5.92.
â€Nokia may be seeing better trends for its dual-SIM devices and less of a decline in its traditional Symbian devices than originally expected,â€ Sue wrote. â€œFeedback on Nokiaâ€™s new Windows device may be encouraging and we expect Nokia to launch on schedule before the holiday season.â€
Mark expected the first Nokia WP7 handset to launch at Nokia World in October.