BMO Capital Downgrades Nokia (NOK) to Market Perform; End Market Too Tough
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
BMO Capital downgraded Nokia (NYSE: NOK) from Outperform to Market Perform with a price target of $4.00 (from $6.00), saying the end market is just too tough.
"While we are impressed with management execution on Alcatel-Lucent synergies, the deeper-than-expected decline in the end market will likely keep the stock in a trading range," analyst Tim Long said.
He added, "Nokia also hosted its capital markets day in Barcelona, and our takeaways are mixed. Although management sees some growth opportunities in adjacent markets, core spending will remain nearly flat through 2021, dipping further before 5G arrives."
The firm firm cut 2016/2017 EPS estimates to €0.16/€0.19 from €0.16/€0.21.
Shares of Nokia closed at $4.31 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Brean Capital Cuts Price Target on G-III Apparel Group (GIII) Following 3Q Miss
- Jefferies Cuts Price Target on Eros Int'l (EROS) to $18 Following Multi-Year Deal
- Cowen Cuts Price Target on Workday (WDAY) Following 3Q
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change, Downgrades
Related EntitiesBMO Capital
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!