UPDATE: BMO Capital Markets Upgrades Nokia Corporation to Market Perform, Reiterates $3 PT on Mixed Results

In a report published Friday, BMO Capital Markets analyst Tim Long upgraded the rating on Nokia Corporation NOK from Underperform to Market Perform, and reiterated a $3.00 price target. In the report, Long noted, “Nokia results were mixed. Lumia units were stronger than expected, but margins did not improve much. Feature phones were weaker than expected on both a unit and ASP basis as competition intensifies. NSN revenues were soft as well. Although numbers are coming down again, we are less negative on the stock. We continue to believe that Lumia units are the key value generator, and NOK is doing a better job of diversifying to the mid and low/mid tiers of the market. NSN margins are holding in better than we would have thought as well. Given the better Lumia volumes and decline in the share price YTD, we see less downside to the shares, and move to Market Perform from Underperform.” Nokia Corporation closed on Thursday at $3.17.