Shares of Nokia Corporation (NYSE:NOK) are up over 12 percent on Wednesday afternoon, despite launching its HERE Maps app for iOS that pretty much nobody likes. Shares are up over 21 percent in the last five trading days, pushing the stock price over $3 per share for the first time since August.
Goldman Sachs (NYSE:GS) cut its rating on Nokia’s stock from “Neutral” to “Sell” at the beginning of August with a price target of $1.6 for the American depository shares. The decision raised a few eyebrows because the investment bank is the phone makers top institutional shareholder, with over 116 million shares.
The company’s new Lumia 920 and Lumia 820 phones running Microsoft’s (NASDAQ:MSFT) mobile Windows 8 platform have landed well in the market. Despite Windows 8 lacking widespread adoption, consumers remain attracted to the solid packed into the new Lumia phones. With its downgrade, Goldman estimated that Nokia could come to take between 4 and 5 percent of the smartphone market.
Morgan Stanley (NYSE:MS) maintains an “Underweight” rating on the stock initiated over a year ago. While the stock price has come down 37 percent since then, the bank still owns the fourth-largest stake of any institution investing in the company with over 32 million shares.
While most analysts maintain a “Hold” or “Underperform” rating on the stock with a mean price target of $2.62 per share, well below its current price, many investors are still bullish. Initial sales for the Lumia 920 look strong, reportedly selling out on Amazon.com. Head to Best Buy (NYSE:BBY) if you want one.
Real sales numbers won’t be available until the company reports results for the quarter.
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