Analyst Previews Nokia's (NOK) Dec. 4 Analyst Day; Maintains Buy
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Broadpoint.AmTech is out with a research note previewing Nokia's (NYSE: NOK) annual Analyst Day, which is scheduled for Thursday, December 4. As Nokia recently pre-announced Q4 results last month, the firm believes investors will be looking for Nokia's "overall market commentary and for clues on the impact to NOK's margins during the downturn." In this regard, Broadpoint.AmTech believes that Nokia "can keep ~15% handset margins" through this slowdown.
The firm maintains a Buy rating and $16 price target on shares of Nokia.
Broadpoint.AmTech is estimating Nokia will indicate a 10% decline in units year-over-year, as well as "bottom" gross margins of 15.5% in March and a full-year level of 16.4%. Further, the firm estimates that 100 basis points in handset margins equates to about $0.10 in EPS.
With shares of Nokia trading around $13.78 today (up 5.4%), the firm's $16 price target represents potential price appreciation of about 16% from current levels.
Nokia Corporation designs, manufactures, and sells a range of mobile devices and networks with services and software worldwide.
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