BMO Capital Downgrades Nokia (NOK) to Market Perform; End Market Too Tough
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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.
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