Nokia's new Lumia Windows Phone 8 smartphones failed to be the game-changer the financial industry was hoping for, with brokers at Deutsche Bank and Societe Generale downgrading the shares from hold to sell.

"Nokia's new Windows 8 devices will unlikely alter its muted smartphone market share trajectory in an ever more competitive smartphone market," Deutsche Bank analysts said.

The German bank now expects Nokia shares to fall after the company had seen the price of its stock jump 50 per cent since a low point in July. The bank has cuts its target price on Nokia stock to €1.60 from €1.70, alongside its rating downgrade