Downgrades: NOK, TOL Monday, August 24, 1:55 PM ET
Shares of Nokia (NYSE:NOK) were downgraded this morning by Deutsche Bank from Buy to Hold. While the firm believes consumer demand is coming back in the smartphone market, it does not believe Nokia's portfolio of phones is strong enough given the current competition. Analysts expect fifteen to twenty new smartphones to hit the market over the next few months, and these figures do not include Apple's (NASDAQ:AAPL) collection of already-released iPhones.
Nokia also also announced entry into the personal computer market today, with a mini laptop.
Shares of Nokia were on the rise this morning, gaining more than two percent so far.
And Toll Brothers (NYSE:TOL) received another valuation-based downgrade this morning from Citigroup. Citi lowered its rating from Buy to Hold. Shares of Toll Brothers have increased more than 35% since mid-July, and the firm now believes the homebuilder is fairly valued. With the downgrade, the firm raised its price target to $23 per share, right above Friday's closing price of $22.70.
Shares of Toll Brothers were falling in morning trading, off about two percent so far today.
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