Goldman Sachs analyst Alexander Duval downgraded Nokia (NOK) to Sell from Neutral and cut his price target for the shares to $5.50 from $6.40. Consensus estimates have further downside as analysts factor in lower Networks revenues, a more conservative margin trajectory and "more muted" growth in the Nokia's "highly profitable" Patents business, Duval tells investors in a research note. The analyst reduced his Networks growth rate on "subseasonal" growth in the first half of 2019 as well as management's "cautious" statements. Duval says these contrast with his industry discussions suggesting a wireless market growth inflection, due to 5G. He sees risks to Nokia's market share "given newsflow implying share gains by its main competitor, Ericsson" (ERIC).

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