Nokia Downgraded to ‘Neutral’ From ‘Buy’ at Goldman Sachs

By Stephen Kirkland

Aug. 13 (Bloomberg) -- Nokia Oyj, the world’s biggest maker of mobile phones, was downgraded to “neutral” from “buy” at Goldman Sachs Group Inc., which lowered its 2010-2011 earnings- per-share estimates by about 15-18 percent, according to a research report.

“Over the next 12 months a lack of compelling new high-end products and ongoing mid-end smartphone share loss means risk- reward is not compelling relative to our bullish view on the European technology coverage universe,” according to the report.