As investors/readers know, in this market, all stock pullbacks are not alike. Some signal a company's misfortune; others, the end of a growth cycle.

Then there are those companies with solid fundamentals who experience a healthy pullback after a substantial price gain. Put Nokia Corporation (ADR) (NYSE: NOK) in the latter category.

In this case Nokia's pullback from about $42 to the $38-$39 range follows an impressive gain from about $28, with recent stock market choppiness undoubtedly contributing to the sell-off. Caution would typically prevail here regarding a communications equipment provider but Nokia's positives are so impressive, the stock is worth a review, for moderate-risk investors.

Nokia's major positives: double-digit revenue growth in 2007, and likely double-digit revenue growth in 2008 (despite an expected decline in average handset prices), economies of scale, a solid presence in Europe, strong positions is China and India, and a +45% market share in the high-end handset segment, globally.

Analysts estimate Nokia's mobile device shipments will increase 12%-16% in 2007, with a 37%-39% market share of the 1.1 billion devices in use; analysts see that market share increasing to about 40% in 2008. The Reuters F2007/F2008 EPS consensus estimates for NOK are $1.95 to $2.24.

The risks? A global economic slowdown would certainly hurt NOK's results, the company is facing pricing pressure in a variety of handset categories, and then there's the competition from that high profile / high-end device: Apple, Inc. (Nasdaq: AAPL)'s iPhone.

But keep in mind that not everyone will buy (or need) a $399 iPhone, and that fact, combined with Nokia's modest p/e of 15, tips the risk/reward needle in favor of a purchase of NOK's shares.

The First Call mean rating for NOK is: Buy. [27 firms.] Mean 2008 target: $43.10. [high: $51, low: $36.50.]

Stock Analysis: Nokia is a moderate-risk stock not suitable for low-risk investors. Investors with an investment horizon longer than 2 years should be rewarded from NOK's shares. Sell / Stop Loss if you were to purchase shares in this company: $24.