For an established company that has been beaten down, I like to look at how much cash the company has, and how they're responding to the challenges. I think of Nokia in this case.
It's still loaded with cash, has entered a meaningful business relationship with Microsoft, is cutting back on costs, and has a very good plan in place, if they can execute it.
The fact that many analysts continue to beat them down is also a good sign. They have the pieces in place and in play to reward those will to take a mid-term risk on them.
These are the types of qualities I look for, especially in a company with a track record that can be examined.