Nokia shares are taking a big hit ahead of the company’s fourth-quarter earnings report due Thursday morning.
Credit Suisse analyst Kulbinder Garcha this morning cut his 2009 handset industry sell-in forecast to down 10 percent, from a previous six percent. He also cut his EPS estimate an extra 13 cents–from 87 to 74–upon expectations of continued loss of demand and inventory.
Back on June 26, Credit Suisse analyst Kulbinder Garcha picked up coverage of Research In Motion (RIMM) with an Underperform rating, setting a $100 price target. So far, he’s looking like a genius: RIMM shares are since down 16 percent.
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