Nokia's (NYSE:NOK) Fundamentals to Improve in 2011

Liking how Nokia (NYSE:NOK) has positioned themselves for 2011, Barclays (NYSE:BCS) sees them improving fundamentals through the year.

Barclays said, "Nokia is well positioned to demonstrate improving fundamentals in 4Q: A healthy end market and solid demand for the latest Symbian devices should allow modest upside to consensus estimates. We expect the announcement of Nokia's strategic review in early February to provide a further positive catalyst and highlight the attractive valuation.

"Concerns of poor Symbian^3 demand and soft 4Q results have driven Nokia shares down to 10x our 2011 EPS of $0.98 and 9x 2012 of $1.12. Our expectation of solid if not robust Symbian 3 sales will allow EPS to at least match consensus of EUR0.19 and possibly exceed by EUR0.01."

Barclays reiterates an "Overweight" rating on Nokia, which closed Tuesday at $10.19, up $0.29, or 2.93 percent. Barclays has a price target on them of $14.