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JP Morgan Upgrades Nokia to 'Market Perform'

JP Morgan upgraded Nokia NOK to market perform from underperform.

Analyst Ed Snyder says Nokia still faces big challenges from a sluggish replacement cycle; structural changes in the wireless services market; and aggressive, low cost handset makers. However, he thinks the price now already is discounting the worst of a low growth environment and the impact of commoditisation on margins.

Snyder still thinks Nokia's core strengths: management, a flexible balance sheet, product capabilities, superior supply side economics, and its technological focus remain intact. He sees $0.71 2003 earnings per share, and cut the $15 target to $13, but says potential catalysts could put Nokia into the $15-$17 range.

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