Analysts at FBR Capital decreased their price target on shares of Nokia (NYSE: NOK) from $3.50 to $1.60 in a research report issued to clients and investors on Tuesday. The firm currently has a “market perform” rating on the stock.

•FBR dropped its price target on NOK to $1.60 from $3.50, while RBC reduced its target to $3.50 from $5. The shares settled Monday at $1.84, bringing their 2012 deficit to a steep 61.8%. There are very few brokerage firms left in the bullish camp for NOK, as only two analysts out of 24 have deemed the stock worthy of a "buy" rating. The shares are down 1.6% in pre-market action, putting NOK on track to tag a new multi-year low of $1.81 with the sound of the opening bell.