Markets & Finance

SoundView Cuts Nokia Estimates


SoundView cut its estimates on Nokia (NOK).

Analyst Matt Hoffman says third-quarter handset results were in line, but infrastructure sales were weak. He say the 18 euro cents ($0.21) third-quarter earnings per share met his estimate on the back of continued profitability in the handset unit. But he notes revenue from handset application service providers fell more than he expected, as a result of the company's entry into code division multiple access (CDMA) technology, and the weak U.S. dollar.

Hoffman also notes Nokia's fourth-quarter guidance on units and revenue implies it expects application service providers to be flat-to-up slightly. He cut the 87 cents 203 earnings per American depositary share estimate to 85 cents, cut the $1.05 2004 earnings per ADS estimate to $1.03, and trimmed the $1.12 2005 estimate to $1.10.

Hoffman is keeping his overweight rating and $22 price target.


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