Nokia Corporation (ADR) (NOK) Earnings Preview: Lumia Expectations

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Nokia Corporation (ADR) (NOK) Earnings Preview: Lumia Expectations
<a href="https://pixabay.com/users/Hermann/">Hermann</a> / Pixabay

Nokia Corporation (ADR) (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) shares are still a buy according to analysts at SEB, although like the analysts at Goldman Sachs, they have lowered their target price for the stock slightly. In a report issued to investors today, they previewed the company’s upcoming earnings report, which will be out on Thursday.

Nokia Corporation (ADR) (NOK) Earnings Preview: Lumia Expectations

SEB analysts pushed their target price for Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) shares from €4 to €3.80 per share. Of course the focus will be on sales of the high-end Nokia Lumia handsets, including volumes and average selling price. The mid-range Lumia 520, 620 and 720 handsets were not rolled out until after the high-end models, so we should see more indications of how well they are selling in Nokia’s second quarter results.

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Analysts are looking for sales of 5.6 million Lumia units with an average selling price of €190. They’re also expecting the company’s net cash position to decline from €4.36 billion to €3.7 billion. Currently consensus for Nokia’s first quarter is in line with the company’s earlier guidance.

SEB analysts have lowered their clean earnings before interest and taxes estimate by 17 percent to €1.1 billion for this year and 4 percent to €1.8 billion for next year. They said their revisions are for lower Lumia volumes for this year and an expected slower ramp-up during the first quarter.

They also lowered their average selling prices for 2013 to 2015 by 3 to 6 percent as they pushed Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) toward a greater mix including the new mid-range handsets.

At the moment of this writing, shares of Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) were down 3.72 percent at the New York Stock Exchange.

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