Nokia Corporation (ADR) (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V)’s position in the mobile market is still at risk, according to a team of analysts at Morgan Stanley. In a report issued to investors on Thursday, they covered several things that could pose a problem for Nokia in the near future.

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Change Of Management At China Operations

They said the fact that the company is changing its leadership in China isn’t a big surprise because it has seen its revenues fall 80 percent there over the past two years. Unfortunately for Nokia however, they believe the company’s problems in China go deeper than simply management issues.

Nokia Asha Line Refresh

The analysts also said they wouldn’t be surprised if Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V)’s Asha phones were refreshed, and we did find out about a new addition to the Asha line on Thursday. The Asha 501 handset will be sold for $99, and it runs Nokia’s newly redesigned Asha operating system.

Morgan Stanley analysts point out however, that the Asha line is being pressured by white box manufacturers. They said that since Mediatek guided for a strong second quarter with a 25 to 32 percent increase in revenue, “there might not be much room on the shelves in China for Asha in the short term.”

Updates On Nokia’s Lumia 520

The analysts gave a brief update on the Lumia 520, which is the least expensive Lumia thus far. They said reviews of the handset in India have been “relatively positive,” saying that it runs “relatively glitch free,” in comparison with the extremely low end Android device available in China.

They expressed concerns though because Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) have not given them any sell-through data for the Lumia 520 yet. In addition, they point out that higher sales of low-end devices may be a positive for the overall number of units sold, but it’s neutral on the company’s revenues and possibly negative for its gross margins.

As of this writing, shares of Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) were up 2.76 percent at the New York Stock Exchange.