NEW YORK, July 9 (New Ratings) - Analyst Wojtek Uzdelewicz of Bear Stearns maintains his "outperform" rating on Nokia (NOK.NYS). The target price is set to $18.
Shares of Nokia, a leading global provider of mobile handsets and wireless infrastructure solutions, are currently trading at $14.11.
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According to Bear Stearns' research note published this morning, Nokia is scheduled to report its 2Q04 results on July 15. The analyst expects the company to post its EPS in-line with the estimates and its revenues marginally short of the estimates for the quarter. The company's market share is likely to have stabilized in Asia, improved in Europe and marginally deteriorated in the US during the quarter, the analyst says.
Nokia's QoQ handset shipments increased marginally during Q2, despite the market expectation of shipment deterioration, according to Bear Stearns. Nokia would regain some of its lost market share in the forthcoming quarters, since the company is expected to launch new handset models in the near term, the analyst says. The company's balance sheet and free cash flows remain robust, the analyst adds.
Bear Stearns maintains its "outperform" rating on Nokia.
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