Wells Fargo analyst Maynard Um was out with another research note on Nokia Corp (ADR) (NYSE:NOK), reiterating a Market Perform rating, while lowering the valuation range to $4.00-4.50 (from $4.50-5.00).

The analyst believes that the networking giant has picked the right strategy for the long-term, however, points out that 2017 will likely be another transition year with limited visibility to and continued volatility in Nokia’s end markets.

Um wrote, “While we believe the long-term strategy makes sense, and near term, Nokia is managing those things that are in its control, we see few catalysts to drive shares. While potential early debt repayment and/or divestitures could result in upside (not included in guidance), we believe material upside in shares will have to be driven by fundamentals. We lower our F17E EPS to EUR 0.23 from EUR 0.25 to account for the lower operating margin guidance and higher interest expense offset in part by a lower tax rate and lower our valuation range to $4.00- 4.50 from $4.50-5.00. While valuation at 0.7x F17E EV/sales and share repurchases should provide some near-term support, we maintain our Market Perform rating given limited visibility to fundamentals and push out of FCF normalization to FY18 at the earliest.”

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Maynard Um has a yearly average return of 10.5% and a 62% success rate. Um has a average return when recommending NOK, and is ranked #292 out of 4223 analysts.

Out of the 19 analysts polled by TipRanks, 12 rate Nokia stock a Buy, 6 rate the stock a Hold and 1 recommends a Sell. With a return potential of 50%, the stock’s consensus target price stands at $6.18.