Raymond James Upgrades Nokia (NOK) to Strong Buy

January 6, 2020 7:36 AM EST
Get Alerts NOK Hot Sheet
Price: $5.75 --0%

Rating Summary:
    20 Buy, 16 Hold, 7 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 18 | Down: 12 | New: 23
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Raymond James analyst Simon Leopold upgraded Nokia (NYSE: NOK) from Outperform to Strong Buy with a price target of $4.50 (from $5.00).

The analyst comments "We upgrade Nokia to Strong Buy based on our view of the risk-reward and conclusion that its prospect for recovery appears promising. Following a terrible report that included pausing the dividend, investor sentiment has soured. The stock is unloved and a show-me story. We believe operators will focus on 5G mobility in 2020, and assuming Nokia can regain its footing, the stock should work. We modestly adjusted estimates, and expect a back-end loaded year, leading us to take our target to $4.50. We know the winter nights are long in Nokia's homeland of Finland, but we believe the vendor will get its time in the sun."

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 $3.79 yesterday.

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