Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) continues to grab market share across Europe, according to the latest numbers from Kantar World Panel. Analysts at JPMorgan Cazenove say they continue to see “green shoots” in the growth of Windows Phone and that Nokia’s “end game” may be near.

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JPMorgan Cazenove remains Overweight on Nokia

The analyst team led by Sandeep Deshpande and Rod Hall issued a report to investors this morning highlighting the latest data from Kantar and reiterating their Overweight rating on the company’s stock. Shares of Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) rose almost 2% at the New York Stock Exchange after the report.

Kantar data highlights Nokia’s “green shoots”

Kantar’s sell-through data shows that Windows Phone’s market share in the U.K. surged to 8.6%. Last year, the operating system had just a 4.5% share. In France, Windows Phone’s share climbed to 9% from 2.3%. In the top European Union countries, the operating system’s share rose to 6.9%, compared to 4.7% last year.

Nokia’s Lumia line makes up about 85% of the Windows Phone market, which means these significant increases in the operating system’s market share means Nokia’s market share probably also rose during the quarter.

Windows Phone also rising in emerging markets

Windows Phone’s market share is also rising in key emerging markets China and Mexico. In China, the operating system’s share dropped from 6.2% last year to 4.9% this year for the three months ending in June. However, it did rise sequentially from 2.9% at the end of the three months ending in May.

The operating system also saw its market share in Mexico climb to 7% for the three months ending in June, compared to 6.6% for the three months ending in May and 1.9% for the three months ending in June of last year.

Nokia’s Lumia 520 still a popular handset

Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V)’s least expensive phone is the Lumia 520, and it remains a very popular handset around the world. In the U.K., it’s the second best-selling device on Amazon. Lumia devices hold the first, fourth, fifth and sixth places at the biggest phone retailer in Denmark.

With so much growth occurring at the low end of the smartphone market, this is good news for Nokia. JPMorgan Cazenove analysts say that data points show that Nokia is actually increasing component purchases for its Lumia devices, which shows that demand likely remains strong. The analysts said if the company can turn its handset business around through the growing strength of its Lumia shipments, then its handset business will begin adding some value to the company. However, currently the handset business is running at a loss, so no value is reflected in the company’s valuation.