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RBC raises Nokia outlook for Q3: 'Not as dire as feared'

Nokia’s situation may not be quite as “dire” as initially anticipated according to RBC Capital Markets analyst Mark Sue. Despite Nokia’s rough second-quarter earnings, which were called “clearly disappointing” by Nokia CEO Stephen Elop, Sue sees Nokia in a better position than most. In a note to investors on Friday, the analyst reiterated his Outperform rating on Nokia stock and set a price target of $9. Sue increased his third-quarter unit shipment estimate to 100 million devices from his earlier estimate of 89 million, noting that sales of Nokia’s Symbian devices will likely not drop off as rapidly as had been expected. “Nokia may be seeing better trends for its dual-SIM devices and less of a decline in its traditional Symbian devices than originally expected,” Sue wrote. “Feedback on Nokia’s new Windows device may be encouraging and we expect Nokia to launch on schedule before the holiday season.” The analyst expects Nokia to announce its first Windows Phone handset, which he says will be based on the N9, at its annual Nokia World show in late October.

Zach Epstein

Zach Epstein has been the Executive Editor at BGR for more than 10 years. He manages BGR’s editorial team and ensures that best practices are adhered to. He also oversees the Ecommerce team and directs the daily flow of all content.

Zach first joined BGR in 2007 as a Staff Writer covering business, technology, and entertainment. His work has been quoted by countless top news organizations, and he was recently named one of the world's top 10 “power mobile influencers” by Forbes. Prior to BGR, Zach worked as an executive in marketing and business development with two private telcos.