UPDATE: Goldman Sachs Reiterates Neutral, $1.30 PT on Nokia Corporation; Sees Continued Downside to Estimates

Goldman Sachs reiterated its Neutral rating on Nokia Corporation

as it warned of continued downside to its estimates. Goldman Sachs commented, "Our estimates assume a continued downside bias to consensus forecasts ahead of Nokia's 2Q12 report (July 19), driven by our expectations of widening losses in Nokia's device portfolio into 3Q12, as well as higher losses at NSN. Negative handset pricing datapoints (including AT&T's price drop on Lumia devices and HTC's commentary, among others). Also, comments about poor profitability from ZTE and Alcatel (with a readacross to NSN) suggest risks of another miss vs. expectations." Nokia Corporation closed at $1.69 on Tuesday.