* Shares down 7 pct, after previous day’s 18 pct drop
* Analysts lower price targets
HELSINKI, June 1 (Reuters) - Investors sold shares in Nokia NOK1V.HE again on Wednesday, as analysts slashed their price targets after the mobile phone maker’s warning and questioned whether it could ever recapture its lost market share.
Nokia shares fell 7.3 percent to 4.40 euros by 0830 GMT, extending their previous day’s 18-percent fall after Nokia said on Tuesday that mobile phone sales in the second quarter would be “substantially below” its previous forecast and abandoned its full-year outlook.
The stock is trading at its lowest level in more than 13 years.
Analysts said their main concern was that Nokia, once the biggest player in mobile phones, may not be able to recapture much market share even after it begins selling new phones based on Microsoft Corp’s (MSFT.O) Windows software.
“We would continue to avoid the stock as Symbian smartphone sales are falling off faster than expected and we are skeptical that new Windows Phone models will be able to replace lost profits,” said Gleacher & Co analyst Stephen Patel.
The company said tough competition from Apple (AAPL.O) and Google (GOOG.O) as well as lower-end handset makers were driving down its sales and seling prices. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
For details on Nokia’s warning: [ID:nLDE74U1CO]
For a Breakingviews: [ID:nLDE74U1ME]
For a roundup of analysts’ comments: [ID:nLDE74U1EN] ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
J.P. Morgan cut its price target on the shares to 4.25 euros from 5 euros, while Credit Suisse cut its target to 4 euros from 5.5 euros.
“We see the earliest possible timing for the beginnings of a turnaround as the launch of new Windows products which we expect at the end of this year. Even then there are no guarantees that consumers will want what Nokia is selling,” J.P. Morgan analyst Rod Hall said in an analyst note, recommending investors remain underweight on the shares.
(Reporting by Ritsuko Ando; Editing by Louise Heavens)
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