Raymond James Upgrades Nokia (NOK) to Strong Buy
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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."
Shares of Nokia closed at $3.79 yesterday.
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