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Nokia DOWNgraded by Goldman Sachs

June 22, 2007 in Wireless Industry News

hs is like the king of investment banks. So when it issues any kind of rating or upgrade/downgrade, lots of people listen.

And such was the case with Nokia. After hitting new 52-week highs almost daily for the past couple of weeks (reaching a high of $29.19), the phone manufacturer was downgraded to Neutral status (from Buy) on Thursday. Needless to say, the stock has dropped off nicely in the past two days and is now sitting at $27.55 as of this writing. Ouch!

Goldman cited (and this sounds like the Apple downgrade) a higher risk/reward ratio considering how much the stock has moved in the past couple of months. In addition, there aren’t many more reasons for the stock price to rise, considering that “incremental benefits to average selling prices and gross margins from Nokia’s new hit models (N95, 6300 and E65) are widely understood and are mostly factored into expectations”.

Can’t win ‘em all.

Source: “Nokia cut to neutral vs. buy at Goldman Sachs” – MarketWatch

Shares of Nokia dipped in the past 2 days after a vicious downgrade by Goldman Sachs.

Shares of Nokia dipped in the past 2 days after a vicious downgrade by Goldman Sachs.

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