UPDATE: Deutsche Bank Downgrades Nokia to Sell; Windows 8 Not a Game Changer

Deutsche Bank reduced its rating on Nokia NOK from Hold to Sell on rising mobile risks and smartphone weakness. Deutsche Bank commented, "We believe Nokia will struggle to regain sufficient market share with Windows 8 devices to offset increasing pressure on its Mobile Phone business from lowcost Android devices in 2013. … In our view Nokia's new Windows 8 devices will unlikely alter its muted smartphone market share trajectory in an ever more competitive smartphone market. We model 4m Lumia unit shipments in Q4 and 25m for 2013, with declining Symbian units driving further headwinds in Q412 and Q113. More importantly we are concerned that Win 8's still high hardware requirements may not allow Nokia to profitably compete in the fast-growing <$200 smartphone market." Nokia closed at $2.38 on Tuesday.