UPDATE: BMO Capital Markets Downgrades Nokia to Underperform; Skeptic on Windows Mobile

BMO Capital Markets reduced its rating on Nokia

from Market Perform to Underperform with a $2 price target. BMO Capital Markets commented, "We remain skeptical about Windows Mobile becoming a meaningful player in the Smartphone segment. We are lowering our Lumia estimates and now expect only 20 million devices in 2013. Nokia is gaining share in feature phones, but the industry is declining by 15% this year in units, with ASPs dropping by more than 10%. We do not believe there will be any major monetization of assets, including Nokia Siemens Networks, Navteq or patents." Nokia closed at $2.74 on Monday.