Nokia's (NYS: NOK) flagship Lumia 800 smartphone is generating little interest among European consumers so far, according to a survey by the French brokerage firm Exane BNP Paribas.
The brokerage cut end-user sales forecasts of the Microsoft (NAS: MSFT) Windows Phone-powered Nokia Lumia to just 800,000, significantly lower than its earlier "ballpark estimate" of 2 million sales, according to Reuters. This compares, said Exane BNP Paribas, with sales of between 3.5 million and 4 million for Nokia's previous flagship smartphone, the N8, during the first quarter it was available.
The company said it had surveyed 1,300 consumers in five markets where the Nokia Lumia 800 had been offered for sale in the week beginning Dec. 5. However, BNP Paribas reduced the survey sample to 456 to those declaring an intention to purchase a smartphone in the next month.
"With only 2.2 per cent of surveyed buyers firmly intending to purchase the Lumia, Nokia's first flagship Windows Phone is ... far behind the current blockbusters, Apple's iPhone 4S and Samsung's Galaxy S II," wrote BNP Paribas analyst Alexander Peterc in a note to investors.
Following this information, the French brokerage firm cut its price target on Nokia shares to 3.30 euros from 3.70 euros and retained its underperform rating on the stock.
Nokia has said that it is pleased with the sales so far of the Lumia 800 and reported that the device sold out in the U.K. after going on sale there last month. So far the Lumia 800 is available in France, Germany, Italy, the Netherlands, Spain and the U.K.
At the time this article was published The Motley Fool owns shares of Apple and Microsoft. Motley Fool newsletter services have recommended buying shares of and creating bull call spread positions in Apple and Microsoft. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2011 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.