Redburn Starts Nokia (NOK) at Buy

September 26, 2022 9:15 AM EDT
Get Alerts NOK Hot Sheet
Price: $5.05 +1.00%

Rating Summary:
    23 Buy, 15 Hold, 6 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 2 | Down: 23 | New: 24
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Redburn analyst Joseph Zhou initiates coverage on Nokia (NYSE: NOK) with a Buy rating.

The analyst commented, "Our analysis concludes telecom infra spending on equipment will prove resilient. Nokia and Ericsson are de-globalisation winners and a decade of price deflation driven by Huawei is set to change its course. The 'killer app' for 5G is industrial IoT where technical standards have just been established. With good visibility on mkt share recovery, potential return to oligopolistic pricing, additional opp in the growing enterprise mkt led by 5G, and solid balance sheets, it is a good time to revisit telecom equipment vendors. Valuations (Nokia 10x P/E; ERIC 9x P/E) hard to justify pessimism. Nokia TP €6.7; Ericsson TP SKr87. Prefer Nokia as we see Vonage integration and ongoing governance issues overhangs for Ericsson, it is also more exposed to near-term cyclical risks."

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 $4.26 yesterday.

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