UPDATE: Oppenheimer Upgrades Nokia Corporation to Perform on Windows 8 Catalyst

Oppenheimer raises its rating on Nokia Corporation NOK from Underperform to Perform with no price target. Oppenheimer comments, "As expected, Nokia announced sizable layoffs and lowered its 2Q12 outlook. The cost cuts buy Nokia more time to turn around its business without bleeding cash in the process. We still have doubts the changes would transform Nokia into a fastmoving differentiated OEM. And with competitive headwinds getting stronger, macro getting weaker, and Nokia's workforce distracted, we still see near-term risk in the shares. With that said, we're now approaching a binary event, the launch of Windows 8 devices, and related noise could set a bottom on the stock. To short here means we have 100% conviction in W8 failure. To go long is to think the opposite. Right now we just don't know; thus upgrading to Perform." NOK closed at $2.35 on Thursday.