Analysts are not impressed by Nokia’s first Windows Phone handsets and their expectations are rather low by smartphone standards.

How low? Well, Bernstein Research believes Nokia will shift no more than 500,000 units of its flagship Lumia 800. Pacific Crest originally expected sales of about 2 million by Christmas, but it has now revised its estimate to, you’ve guessed it, 500,000.

Bernstein analysts reckon Nokia’s Lumia phones are not competitively priced and they lack any breakthrough innovation. Analyst Pierre Ferragu believes the Lumia 800 could turn out to be a dud and it simply does not have what it takes to take on Apple or Android phones.

More here.