An analyst likes Nokia Corporation (NYSE: NOK) despite every misstep and problem caused by better more well-heeled smartphone makers. Credit Suisse is out with an upgrade this morning that took that rating to Outperform and that is all the way up from Underperform. The firm is raising its handset estimates by 3% for 2011 and by 2% for 2012. The firm expects that the overall handset market will be around 1.82 billion units in 2011 and 1.85 billion units in 2012. That would be growth of 12% and 2% respectively. Cited for why is the continued strength in baseband volumes seen by Asian vendors. The note also maintains that 80% of sales in 2015 will be smartphone sales.
At the same time, Credit Suisse has downgraded shares of LM Ericsson Telephone Co. (NASDAQ: ERIC) to Neutral. Nokia shares are indicated up 2.5% at $5.21 in the New York pre-market trading versus a 52-week range of $4.46 to $11.75. No major price change has been seen in Ericsson in pre-market trading as of yet.
JON C. OGG
Find a Qualified Financial Advisor (Sponsor)
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
