Analysts warn no evidence of turnaround yet for Nokia's Lumia
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With Nokia burning through cash and having already sold off assets such as its head office, muddling along with modest sales is not an option. Some investors have said they want to see quarterly Lumia sales of around 10 million.
Many believe Nokia will need to change its strategy - and its leader - if there is no clear improvement in Lumia sales in the coming quarters.
The company has not set any targets, but Elop said in February 2011 that the company's transition would take two years, which leaves precious little time.
"I think they have more hard decisions ahead of them; not only what they do from a leadership perspective and strategic perspective, but also with whom they align themselves," said Faucette at Pacific Crest.
Speculation of a buyout by Microsoft have periodically lifted Nokia shares, but with so much uncertainty over future sales, few analysts recommend pricing in any potential buyout premium.
The market's average price target was around 2.30 euros, according to Thomson Reuters StarMine. The shares were up 8.1 percent at 3.21 euros late on Tuesday afternoon, breaking the 3 euro barrier for the first time since April.
(Additional reporting by Sinead Carew in New York and Harro TenWolde in Frankfurt; Editing by Will Waterman)