Tiernan Ray reports for Barron’s, “BMO Capital Markets’s Kevin Manning this morning cut his rating on shares of Nokia (NOK) to Underperform from Market perform, while maintaining a $2 price target, after cutting his estimates, writing that he’s skeptical about the Windows Phone software the company licenses from Microsoft ‘becoming a meaningful player in the smartphone segment.’”

“Manning cut his estimate for this year to €29.1 billion in revenue and a net loss of 34 cents per share from a prior €29.4 billion and a 31-cent loss,” Ray reports. “For 2013, he cut to €25.3 billion and a 25-cent loss from a prior €27.6 billion and an 8-cent loss.”

Ray reports, “Manning writes that he’s expecting Nokia to sell only 20 million smartphones next year, and he’s unequivocally negative on the appeal of Windows Phone.”

Read more in the full article here.

[Thanks to MacDailyNews Readers "Tayster" and "Rainy Day" for the heads up.]