The Goldman analysts said investors might be too optimistic about Nokia's stock performance.
Shares of Finnish telecommunications firm Nokia dropped around 3 percent on Monday after analysts at Goldman Sachs downgraded the stock from"neutral" to"sell."
Nokia shares have outperformed the broader European tech sector by roughly 2 percent over the past 6 months, as investors hoped the rollout of new 5G wireless networks would boost the Finnish firm's revenues. The Goldman analysts said investors might be too optimistic about Nokia given the company's own projections for a slow start to the year.
Goldman estimates Nokia and Chinese tech giant Huawei each capture 23 percent of the global wireless networking market, compared to Ericsson with 29 percent of market share. Samsung trails well behind the top three players with 5 percent of the market.
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