Davenport Upgrades Nokia (NOK) to Buy, $18 Target
NOK Hot Sheet
Rating Summary:4 Buy, 13 Hold, 10 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 16 | Down: 7 | New: 23
Davenport upgrades Nokia (NYSE: NOK) from Neutral to Buy, also setting an $18 price target.
After reviewing Nokia's new N900 smart phone powered by the Linux based Maemo 5 OS, the firm believes that Nokia has "good potential" to compete effectively within the market phone market. Davenport expects Nokia to launch a series of new smart phones based on Maemo by the end of 2010.
Davenport said its $18 price target is based on 15x its FY10 operating EPS estimate. The firm is currently modeling for yearly GAAP EPS of $1.22.
Traders are cheering the upgrade this morning, bidding up the stock by more than 3.5%. Shares of Nokia most recently traded at $14.14.
After reviewing Nokia's new N900 smart phone powered by the Linux based Maemo 5 OS, the firm believes that Nokia has "good potential" to compete effectively within the market phone market. Davenport expects Nokia to launch a series of new smart phones based on Maemo by the end of 2010.
Davenport said its $18 price target is based on 15x its FY10 operating EPS estimate. The firm is currently modeling for yearly GAAP EPS of $1.22.
Traders are cheering the upgrade this morning, bidding up the stock by more than 3.5%. Shares of Nokia most recently traded at $14.14.
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