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Lehman Raises Estimates for Nokia

Nokia (NOK) raised its third-quarter earnings per share guidance, citing strong volume growth and healthy mobile device sales. Lehman Brothers raised its earnings estimates on the news.

Analyst Tim Luke says revenue upside in the third quarter appears to reflect a stronger overall third-quarter handset market (up vs. flattish previously) combined with market share gains in emerging markets, some improvement in Europe, and a solid China. He now sees 48 million units for Nokia in the third quarter, vs. 46 million previously, with average selling prices (ASPs) likely up slightly. There also appears to be a pick up in demand on older higher margin products, which also seems to be helping margins, he says.

Luke raised his EPS estimates from 11 cents for the third quarter to 14 cents, from 66 cents for 2004 to 73 cents, and from 75 cents for 2005 to 82 cents. He kept an equal-weight rating and $15 price target on the stock.

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