Goldman Sachs Upgrades Nokia (NOK) to Buy

Goldman Sachs upgraded Nokia (NYSE: NOK) to Buy with a EUR 8.80 price target.

The firm said, "we believe Nokia is now in a period of maximum uncertainty, creating a long-term opportunity for value investors."

Goldman's analyst said the new CEO's move to take the company back to its hardware oriented roots is "appropriate, and creates the potential for €1 bn or
more in cost reduction."

The analyst said there is a floor to the share price declines and they expect a high single-digit 'recovery' in handset EBIT margins.

For more ratings news on Nokia click here and for the rating history of Nokia click here.

Shares of Nokia closed at $8.35 yesterday.

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