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Will Nokia's Bold Bet Soothe Shareholders?

A major part of Nokia's new strategy is to "improve the competitiveness and profitability of its feature phone business," but Jackson emphasized that Stephen Elop, Nokia's president and CEO, needs to identify a vision beyond the Lumia product push.

"Practically speaking, they need something to sustain morale. Nothing cures sapped morale like a few successes in the market and to show a strategy is bearing fruit," said Jackson.

Rumors of takeover swirled last week as Nokia's stock plunged, but according to Jackson, there are not any obvious scenarios. "You're going to see a traditional marriage," he said. "One phone OEM [original equipment manufacturer] won't scoop up another OEM."

Lars Soederfjell, an analyst with Bank of Aaland in Stockholm, seems to agree as he told Bloomberg last week that Nokia needs to stabilize its business to attract suitors.

"Would you buy into this, with these type of fundamentals?" Soederfjell said. "There's too much uncertainty."

--Written by Nathalie Pierrepont in New York.

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