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HELSINKI (Reuters) – Investors continued to sell shares in Nokia (NOK1V.HE) on Wednesday, as analysts reduced their price targets following the ambulatory phone maker's warning and questioned whether it could ever recapture its mart leadership.

Nokia shares fell some 4 proportionality on weekday farewell and traded 2.3 proportionality modify at 0805 GMT, extending their previous day's 18-percent fall after Nokia said on Tuesday that ambulatory phone income in the second lodge would be "substantially below" its previous prognosticate and forsaken its full-year outlook.

At 4.64 euros, the have is at its minimal level in more than 13 years.

Analysts said their important concern was that Nokia, once the biggest contestant in ambulatory phones, may not be healthy to recapture such mart deal modify after it begins commerce newborn phones supported on Microsoft Corp's (MSFT.O) Windows software.

"We would move to refrain the have as Symbian smartphone income are dropping soured faster than due and we are unbelieving that newborn Windows Phone models module be healthy to change lost profits," said Gleacher & Co shrink Stephen Patel.

The consort said thickened competition from Apple (AAPL.O) and Google (GOOG.O) as substantially as lower-end handset makers were dynamical downbound its income and commerce prices.

J.P. moneyman cut its price target on the shares to 4.25 euros from 5 euros, patch Credit Suisse cut its target to 4 euros from 5.5 euros.

"We wager the early possible timing for the beginnings of a turnaround as the start of newborn Windows products which we expect at the modify of this year. Even then there are no guarantees that consumers module poverty what Nokia is selling," J.P. moneyman shrink Rod Hall said in an shrink note, recommending investors rest underweight on the shares. (Reporting by Ritsuko Ando)

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