Nokia shares fall further after Microsoft deal (Reuters)
HELSINKI (Reuters) – Shares in Nokia, the world's crowning ambulatory phone concern by volume, lapse again on weekday as analysts cut their recommendations and earnings forecasts after its care to ingest Microsoft's software.
Nokia said on weekday it would move to ingest Microsoft's Windows Phone code across its devices, replacing its home-bred Symbian platform.
J.P moneyman cuts its attitude on the stock to "underweight" from "overweight" as the slope said Nokia's sales in 2011 are at risk since there is no timeline for newborn smartphones with the newborn partnership.
UBS cut its target price for the deal to 7.3 euros from 8 euros, Deutsche Bank downbound its target to 6.5 euros from 8.50, and Credit Suisse to 6 euros from 7.
"The clear succeeder in the relationship is likely to be Microsoft," UBS analysts wrote in a note to investors.
Nokia shares were downbound 2.8 proportionality at 6.805 euros on the port bourse at 0846 GMT. The shares are downbound almost 20 proportionality since Nokia announced the alinement on Friday.
(Reporting by Jussi Rosendahl; Editing by Erica Billingham)
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