Telco uber-analyst Tero Kuittinen from Global Crown Capital Equity Research just pinged me saying he is turning positive on Nokia (NYSE:NOK) here. This comes at a time when the market is turning very negative on the handset industry in general.

To recall, Tero went negative on Nokia back in January being about the only analyst spotting the market share erosion in Nokia’s European heartland. You can find his comments here.

Tero is out with a call titled 'Nokia: It is Time to Buy the Stock; Bad News Likely Priced in' noting the co has just started shipping new, radically improved 70 euro and 90 euro models, which should help Nokia extend its low-end market share leadership this summer.

He believes Nokia's strength in developing markets is now being ignored by investors who are now overly focused on the company's troubles in the high end.

Tero also believes Nokia should deliver sterling performance from its portfolio of sub-100 euro models in Q2, and the ongoing, major, low-end product revamp should also help in Q3 and Q4.

He notes he does not want to deemphasize the high end problems Nokia could face in the second half of 2008, but believes that the steep stock price decline now discounts unrealistic margin decline and market share erosion. At this point, he believes Nokia is highly likely to deliver a positive Q2 surprise.

Notablecalls: No one, I mean no one knows Nokia better than Tero. I can say that as I have followed his calls for years. He went negative on NOK when it was trading in the high $30's back in Jan and has turned positive here. I think NOK's a buy here. Can't bet against Tero when it comes to Telco.

Calling it Medium-Term Actionable here.