'Impressive' Nokia Lumia 920, 820 Have 'Limited Proven Demand'

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** Editor's note: Please click here for our list of October's hottest selling smartphones to see how Nokia handsets fared against the competition.**

Despite positive reviews of the new, Windows-based Lumia 920 and 820 smartphones, Nokia likely has a tough year ahead in a highly competitive smartphone market.

After investor meetings with the chief financial officer of Nokia, Michael Walkley, a Canaccord Genuity technology analyst, is maintaining only modest Lumia sales estimates because 2013 will be a "challenging transitional year."

“We believe Nokia management is executing on its costcutting initiatives and has improved visibility for its mobile phone and NSN divisions," Walkley said. "However, we believe visibility for its smart devices division remains challenging, as the impressive new Lumia 920 and 820 smartphones launch into a very competitive smartphone market with limited proven demand for Windows smartphones."

While the Lumia 920's PureView camera may differentiate it from other smartphones, Canaccord Genuity said it still anticipates weak sales during the fourth quarter of 2012 because of a limited Nokia Windows Phone 8 launch and increased competition from the iPhone 5 and Android phones.

Concerning Nokia stock, the company is making strides in its restructuring, but Canaccord remains cautious, slapping it with a "hold" rating.

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