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Credit Suisse upgrades Nokia to outperform on back of smartphone growth

But global mobile device shipments growth will slow in 2012
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Global financial services company Credit Suisse believes that the worldwide shipments of mobile phones will grow much slower in 2012 than in 2011.

Analysts are citing 2 percent growth in sales compared to the 12 percent projected in the previous year.

Kulbinder Garcha is a part of that projection, predicting that 1.85 billion handsets will be sold in 2012, compared to the forecast of 1.82 billion for 2011.

Nokia loom(ia)s

The smartphone market, however, continues to grow by leaps and bounds. Credit Suisse predicts 1 billion annual smartphone shipments by 2015.

This would see smartphones accounting for 80 percent of all handset industry revenue.

Significantly, it also upgraded Nokia from "underperform" to "outperform", claiming that the partnership between the Finnish outfit and Microsoft will begin to bear fruit in the second half of 2012.

[source: Reuters]