NEW YORK (TheStreet) -- Shares of Nokia Corp. (NOK) are higher by 3.39% to $7.93 in mid-morning trading on Tuesday, after the company unveiled a new iPad-like licensed tablet, designed to boost its brand and rival Apple's (AAPL) signature tablet, Reuters reports.

The N1 tablet will run on Google's (GOOGL) Android Lollipop operating software, and will feature Nokia's new Z Launcher intelligent home screen interface, Reuters added.

Nokia's tablet is due to hit stores in China during the first quarter of next year, with an estimated price of $249, sales in other markets will then follow, Reuters said.STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

Nokia's tablet comes six months after the Finnish company sold its phones and devices business to Microsoft (MSFT) for over $7 billion, according to Reuters.

Separately, TheStreet Ratings team rates NOKIA CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

"We rate NOKIA CORP (NOK) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income and good cash flow from operations. However, as a counter to these strengths, we find that the stock has experienced relatively poor performance when compared with the S&P 500 during the past year."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

  • NOKIA CORP reported significant earnings per share improvement in the most recent quarter compared to the same quarter a year ago. The company has demonstrated a pattern of positive earnings per share growth over the past two years. We feel that this trend should continue. This trend suggests that the performance of the business is improving. During the past fiscal year, NOKIA CORP turned its bottom line around by earning $0.06 versus -$1.11 in the prior year. This year, the market expects an improvement in earnings ($0.36 versus $0.06).
  • The net income growth from the same quarter one year ago has significantly exceeded that of the S&P 500 and the Communications Equipment industry. The net income increased by 569.1% when compared to the same quarter one year prior, rising from -$149.37 million to $700.76 million.
  • 46.97% is the gross profit margin for NOKIA CORP which we consider to be strong. Regardless of NOK's high profit margin, it has managed to decrease from the same period last year. Despite the mixed results of the gross profit margin, the net profit margin of 19.23% trails the industry average.
  • The company's current return on equity greatly increased when compared to its ROE from the same quarter one year prior. This is a signal of significant strength within the corporation. When compared to other companies in the Communications Equipment industry and the overall market, NOKIA CORP's return on equity is below that of both the industry average and the S&P 500.
  • In its most recent trading session, NOK has closed at a price level that was not very different from its closing price of one year earlier. This is probably due to its weak earnings growth as well as other mixed factors. Looking ahead, our view is that this company's fundamentals will not have much impact in either direction, allowing the stock to generally move up or down based on the push and pull of the broad market.
  • You can view the full analysis from the report here: NOK Ratings Report

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