Oppenheimer Reiterates Outperform on Nokia (NOK)
- Noble Energy (NBL) to Acquire Clayton Williams Energy (CWEI) for $2.7B in Cash and Stock
- Nasdaq hits record; bank earnings validate Wall St. rally
- Intrawest Resorts (SNOW) Exploring a Possible Sale - Reuters
- Alibaba (BABA) Has No Plans to Acquire Rest of Groupon (GRPN) - Source
- Time (TIME) Said to Soon Begin Discussions with Interested Buyers - Bloomberg
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
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."
Shares of Nokia closed at $5.80 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Canaccord Genuity Downgrades Nokia (NOK) to Hold
- BMO Capital Cuts Price Target on Ritchie Bros. Auctioneers (RBA) to $33
- DA Davidson Downgrades Inventure Foods (SNAK) to Neutral, Predicts Company Won't Exist In Current Form Come June 2017
Create E-mail Alert Related CategoriesAnalyst Comments
Related EntitiesIttai Kidron, Definitive Agreement
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!