Investors weren’t impressed with Nokia Corp (ADR) (NYSE:NOK) latest earnings report, and at least one Wall Street analyst has had enough. BMO Capital analyst Tim Long downgraded the stock on Tuesday, knocking his rating from Outperform to Market Perform, while reducing the price target to $4.00 (from $6.00), which represents a slight downside potential from current levels.

Long is concerned about the deeper-than-expected decline in the end market as it will likely keep the stock in a trading range. The analyst is lowering his outlook for Networks operating margin to approximately 9%. As a result, his 2017 EPS estimate goes to €0.19 from €0.21, while his 2016 estimate of €0.16 remains unchanged.

Long commented, “While our views on the better synergies were right, we were way off on how bad the communications equipment market would be this year. This has clearly hit the stock, and we see it in a trading range until we see sales normalize.”

“Although management sees some growth opportunities in adjacent markets, spending in the service provider space will remain nearly flat through 2021. Furthermore, things will get worse before they get better, as 5G-related opportunities are still on the horizon and macro challenges in emerging markets and elsewhere will persist into 2017,” the analyst added.

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Tim Long has a yearly average return of 4.6% and a 57.3% success rate. Long has a -34.3% average return when recommending NOK, and is ranked #720 out of 4214 analysts.

Out of the 19 analysts polled by TipRanks, 13 rate Nokia Corp stock a Buy, 5 rate the stock a Hold and 1 recommends Sell. With a return potential of 58.2%, the stock’s consensus target price stands at $6.55.