**Editor's Note: Click here for our list of December's hottest selling smartphones to see how the Nokia Lumia 920 measured up to the competition.**
Nokia stock had a fabulous week, up almost 25 percent on Thursday and Friday after the Finland-based company announced shipments of 4.4 million Lumia handsets in the fourth quarter – aimed at both the business user and the general consumer – most notably its flagship Lumia 920. But it wasn't enough for some naysayers to jump on the bandwagon.
"While these near-term results are encouraging, we maintain our belief 2013 remains a challenging transitional year for Nokia, especially as our meetings at [the Consumer Electronics Show] and extensive handset sell-through store surveys indicate continued uncertainty about Windows 8 emerging as a viable long-term smartphone ecosystem versus Android and iOS," noted Canaccord Genuity analyst Michael Walkley late last week.
Canaccord did, however, revise its target stock price for Nokia from $3 to $4 on the news. It was approaching $4.75 as the market drew near a close on Friday.
The Lumia 920 and a handful of other devices based on Microsoft's Windows Phone 8 operating system are benefitting from some good buzz and excellent marketing by both Microsoft and the manufacturer. But it will remain to be seen if that momentum continues. Sales of the first fleet of Windows-based devices – version 7 last spring – faded quickly after a strong start. But a number of sellouts have been encouraging to the companies, despite skeptics who say they are due more to a supply shortage than incredible demand – a shortage that Nokia's CEO acknowledged last week.
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