Shares in Nokia, the world's top mobile phone maker by volume, fell again on Monday as analysts cut their recommendations and earnings forecasts after its deal to use Microsoft's software.

Nokia said on Friday it would start to use Microsoft's Windows Phone software across its devices, replacing its home-bred Symbian platform.

J.P Morgan cuts its stance on the stock to underweight from overweight as the bank said Nokia's sales in 2011 are at risk since there is no timeline for new smartphones with the new partnership.

UBS cut its target price for the share to 7.3 euros from 8 euros, Deutsche Bank lowered its target to 6.5 euros from 8.50, and Credit Suisse to 6 euros from 7.

The clear winner in the relationship is likely to be Microsoft, UBS analysts wrote in a note to investors.

Nokia shares were down 2.8 percent at 6.805 euros on the Helsinki bourse at 0846 GMT. The shares are down almost 20 percent since Nokia announced the alliance on Friday.

(Reporting by Jussi Rosendahl; Editing by Erica Billingham)