Wells Fargo Comments on Nokia's (NOK) Q1

Wells Fargo reiterated a Market Perform Nokia (NYSE: NOK) with a price target of $$6.80-$7.50.

Analyst Maynard Um said, "Overall results were largely in line, with upside driven by Networks operating margin. We believe if not for the EUR 5B capital allocation program, share reaction would be muted given a largely in line outlook. However, the announcement of Rajeev Suri as CEO should be viewed positively, in our opinion, though in line with our expectation."

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 $7.03 yesterday.

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