Credit Suisse downgrades Nokia (NOK) on fears that it can’t compete in the smartphone market (AmTech recently made the same call).
Specifically, CS sees NOK’s global smartphone market share as unsustainable in the short term due to competition from Research In Motion (RIMM) and Apple (AAPL). Nokia bulls argue that the company’s global market share dwarfs that of RIM and Apple put together. However, Nokia’s smartphone business accounts for a far greater share of the company’s profits than unit sales.
Credit Suisse downgrades Nokia (NOK) from Outperform to NEUTRAL.