UPDATE: Barclays Downgrades Nokia to Underweight; Pre-Announcement Upside is Temporary
Barclays downgraded Nokia Corporation (NYSE: NOK) from Equal-weight to Underweight.
Barclays noted, "We consider Lumia volumes as the principle driver of Nokia's recovery, however Nokia's positive pre-announcement last week was driven by opex cuts and strength at Nokia Siemens. We consider both to be more temporary than permanent, and do not see a sufficient inflection in Lumia units to merit recent share appreciation."
Nokia closed at $4.70 on Friday.
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