Nokia stock over valued after merger with Siemens?

Dresdner Kleinwort says a 200
basis point cut of Nokia (NYSE: NOK)’s (NOK) 17% operating margin target is
warranted. Says "the sliding trend (in operating margin), compounded by
startup costs and consolidation of Siemens’ (SI) networks, suggests a
more tempered tone" at Nokia’s analyst meeting in Amsterdam on November
28, than when the target was set in 04. Says "that the margin expansion
plan is misfiring was detected already last year, which saw a further
diminution (90bps) to 13.6%." Keeps at sell with EUR10.80 target.
Trades -0.5% at SEK15.44.(MAK)

Source: NewsRatings

This is something that usually happens after a merger of such a massive scale, hope this doesn’t hurt bottom lines since I would like to see Nokia invest in R&D as well as User Experience to maintain market dominance.