SocGen Raises Nokia (NOK) Two Notches to Buy; Sees Improved Cash Flow, Strong Outlook

Societe Generale raised Nokia (NYSE: NOK) two notches from Sell to Buy, raising its price target 178 percent from €1.80 up to €5.

SocGen said Nokia's cash flow likely showed a "substantial" improvement, which will garner the Company more time to improve its high-end offering.

First-quarter guidance implies that Nokia will break even, an impressive feat during a seasonally weak quarter, SocGen noted. Additionally, the firm noted that performance at Nokia Siemens Networks doesn't necessarily imply a fire sale of the joint venture.

Nokia closed 18.7 percent higher Thursday to $4.45.

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 $4.45 yesterday.

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