Liberum Upgrades Nokia (NOK) to Buy, Boosts Target 40%

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Liberum upgraded Nokia (NYSE: NOK) from Hold to Buy and raised its price target from EUR 2.50 to EUR 3.50.

The firm said early demand suggests sales of the Lumia 920 will be between 3-3.5 million in the fourth quarter. This is well ahead of very low market expectations, the analyst notes. The analyst said sales may grow further next year given initial traction with consumers.

The firm sees limited downside risk for Nokia, as the company has a liquidation value of EUR 2.40.

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 $3.36 yesterday, with a 52 week range of $1.63-$5.87.

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