Raymond James Downgrades Nokia (NOK) to Market Perform as Samsung Secures Verizon 5G Award

September 8, 2020 5:44 AM EDT
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    21 Buy, 15 Hold, 7 Sell

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    Up: 17 | Down: 21 | New: 42
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(Updated - September 8, 2020 7:17 AM EDT)

(updating comment)

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."

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 $4.28 yesterday.

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