**Editor's note: Please click here for our list of October's hottest selling smartphones to see how Nokia handsets fared against the competition.**
Remember that story about the Black Friday sellout for the brand-new Nokia Lumia 920, the Finland-based manufacturer's new flagship smartphone? It took many in the industry by surprise. But we're learning today that the sellout could be more related to a shortage of phones than high demand for the public.
At least that's what analysts at Deutsche Bank are saying, adding in a new report that you shouldn't be fooled by rising expectations of the 920 or other new Nokia phones based on Microsoft's Windows 8 operating system, whose commercials are hard to avoid if you watch any television at all this fall.
“Despite press reports suggesting strong Lumia demand, our retail [and] industry research suggests limited supply and muted consumer interest in Nokia’s latest smartphones," wrote the report's authors, according to ValueWalk. "We maintain our Q4 Lumia shipment estimate of 4 [million] and believe consensus expectations for 30-35 [million] units in 2013 are too optimistic."
Deutsche Bank maintains its "sell" rating on Nokia stock. The firm also cites a consumer survey in the U.K. that shows a declining fascination with the phones, as well as Google search results that indicate there's no more interest now than there was for the launch of Nokia Windows 7 devices nearly a year ago.
The Lumia 920 is an AT&T exclusive in the U.S., selling for $100 with a new, two-year service agreement. Verizon Wireless picked up its first Nokia phone in years – the Lumia 822 – this fall, also selling it for $100 on contract.
Nokia's stock price has risen hand in hand with what's been, until now, mostly positive reaction to its new Windows 8 devices. It closed on Thursday at $3.30, nearly double its price in mid-July, but a far cry from the $40 per share it was worth in late 2007.