Raymond James Downgrades Nokia (NOK) to Market Perform as Samsung Secures Verizon 5G Award
- World stocks off record peak, dollar up on hawkish Fed official
- Moderna (MRNA) Tops Q2 Street Estimates, Nabs $4.2 Billion from 199 Million Sold Vaccines That Yielded 93% Efficacy Through Six Months
- Oil rises on Mideast tensions but virus concerns weigh
- Dollar holds gains after hawkish Fed comments
- Penn National Gaming (PENN) Acquires Score Media and Gaming (SCR) for $2B in Cash and Stock
(Updated - September 8, 2020 7:17 AM EDT)
Raymond James analyst Simon Leopold downgraded Nokia (NYSE: NOK) from Strong Buy to Market Perform.
The analyst comments "We reduce our rating on Nokia to Market Perform from Strong Buy following Samsung's disclosure that it secured a $6.6B mobility award from Verizon. We consider this a significant competitive loss for Nokia, and we have trimmed our estimates and consider prospects. Verizon remains a large customer; we envision upside from a Huawei backlash; and Nokia could benefit from a focus on Open RAN. We see Nokia fairly valued near 15x CY21 EPS."
Shares of Nokia closed at $4.28 yesterday.
You May Also Be Interested In
- UPDATE: Oppenheimer Downgrades AtriCure (ATRC) to Perform (correction)
- Eli Lilly (LLY) PT Raised to $275 at Morgan Stanley
- Needham & Company Downgrades Advanced Energy Industries (AEIS) to Hold
Create E-mail Alert Related CategoriesAnalyst Comments, Downgrades, Hot Downgrades
Related EntitiesRaymond James
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!