Oppenheimer Reiterates Outperform on Nokia (NOK)

August 16, 2016 9:58 AM EDT
Get Alerts NOK Hot Sheet
Price: $4.75 --0%

Rating Summary:
    17 Buy, 25 Hold, 6 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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Oppenheimer reiterated an Outperform rating and $8.00 price target on Nokia (NYSE: NOK). Nokia will host its first Capital Markets Day post its ALU acquisition on Nov. 15th. Oppenheimer expects management to lay out 2017 expectations on market growth and longer-term margin targets.

Analyst Ittai Kidron commented, "We're incrementally positive on management's ability to rationalize combined Nokia/ ALU expenses (current target of ~€1.2B in savings) while positioning the company to deliver product portfolio synergies longer term given cross-segment leadership. In our view the shares likely remain range-bound near term given the lack of a strong market catalyst (tough spending environment/macro uncertainties), but sentiment could gradually improve following Nokia's November Capital Markets Day as better visibility into longer-term drivers and its margin profile crystallize. We'd also look for updates on capital allocation objectives and IP roadmap/potential. Overall, we continue to believe upside is possible longer term. Maintain Outperform."

For an analyst ratings summary and ratings history on Nokia click here. For more ratings news on Nokia click here.

Shares of Nokia closed at $5.80 yesterday.

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