Nokia (NYSE:NOK) Should Look at Alternative Smartphone Strategies Says Canaccord

Nokia (NYSE:NOK) will be updating shareholders and investors in London on February 11 at analyst day, and Canaccord Genuity says they need to go beyond focusing on reducing costs and improving execution to finding alternative strategies for the smartphone market.

Canaccord says, "At its February 11 analyst day in London, we expect new CEO Stephen Elop to update investors on Nokia’s strategic direction. While we believe Elop will focus on improved execution and cost reductions, we also believe he should consider alternative smartphone strategies for Nokia...We are introducing our 2012 estimates of revenue of Euro 46B and pro forma EPS estimate of $1.00."

Canaccord Genuity maintains a "Buy" rating on Nokia, which closed Friday at $10.99, gaining $0.11, or 1.01 percent. Canaccord raised their price target on Nokia from $13 to $14.