UPDATE: Jefferies Downgrades Nokia Corporation to Underperform on Product Outlook

Jefferies reduced its rating on Nokia Corporation

from Hold to Underperform on poor product outlook. Jefferies said, "With MSFT now making its own hardware and offering no upgrade for WP7 handsets things seem grim product wise. Layer on the issues of Lumia placement at operators and acknowledgment of more quarters of expected losses even FY13 is shaping up to be another difficult year for the company. We are downgrading Nokia to an Underperform and cutting our PT to €1.19." Nokia Corporation closed at $1.80 on Monday.