La sapienza di goldman sachs - nokia vale 2,9 euro!!!

NOKIA PASSA DA STRONG BUY A STRONG SELL PER GOLDMAN CON TARGET PRICE SOTTO I 3 EURO!
ALLA FACCIA DELLA LUNGIMIRANZA
We downgrade Nokia to Neutral from Buy, as the c.20% miss in 2Q revenue expectations just six weeks after giving guidance has materially increased downside risks:
(1) Rapid market share loss threatens Nokia’s distribution advantage, making it harder to regain share with Windows phones.
(2) Nokia’s balance sheet is weakening - another 30% sales drop would use up the group’s €6 bn cash pile.
Since we added the stock to the Pan-European Buy List on March 28, 2011, the stock is -23.2% (ADR -19.7%)
Given operational leverage, likely expensive restructuring and negative net working capital in handsets, the cash costs of further revenue declines would be significant, and undermine the value argument in Nokia. Our sensitivity analysis suggests that Nokia would be worth €2.9/share if handset revenues fell a further 30% and the stock de-rated to 0.3x EV/Sales.
E NON DICIAMO CHE GOLDMAN SACH HA FATTO PERDERE IL 90% A UN FONDO LIBICO (IN POCO TEMPO) FUMANDOSI OLTRE 1 MILIARDO DI DOLLARI...