UPDATE: Barclays Downgrades Nokia to Underweight; Pre-Announcement Upside is Temporary

Barclays downgraded Nokia Corporation

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.