Oppenheimer Reiterates Outperform on Nokia (NOK)
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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."
Shares of Nokia closed at $5.80 yesterday.
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