Barclays Maintains an 'Equalweight' on Nokia (NOK); Cutting Costs A Must, But Top Line Still Main Ailment
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Price: $3.45 +3.60%
Rating Summary:
20 Buy, 17 Hold, 6 Sell
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Today's Overall Ratings:
Up: 17 | Down: 14 | New: 17
Rating Summary:
20 Buy, 17 Hold, 6 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 17 | Down: 14 | New: 17
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Barclays maintains an 'Equalweight' on Nokia (NYSE: NOK) price target of $4.00.
Analyst, Jeff Kvaal, said, "Cost cuts are prudent, though top line is what ails Nokia: Nokia is 1) lowering opex by a further EUR1bn; 2) divesting non-core assets; 3) changing its leadership team. Further cost reduction plans were likely, though these are more aggressive than expected. Little revenue commentary implies ongoing deterioration in smartphone and feature phone volumes. We reduce top line estimates though lift EPS on lower opex."
Barclays maintains a FY12 loss of (0.24), but raises FY13 EPS estimate from $0.14 to $0.21.
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 $2.35 yesterday.
Analyst, Jeff Kvaal, said, "Cost cuts are prudent, though top line is what ails Nokia: Nokia is 1) lowering opex by a further EUR1bn; 2) divesting non-core assets; 3) changing its leadership team. Further cost reduction plans were likely, though these are more aggressive than expected. Little revenue commentary implies ongoing deterioration in smartphone and feature phone volumes. We reduce top line estimates though lift EPS on lower opex."
Barclays maintains a FY12 loss of (0.24), but raises FY13 EPS estimate from $0.14 to $0.21.
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 $2.35 yesterday.
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