Cowen Comments on Nokia (NOK) Following Q1 Results, CEO Appointment

Cowen and Company is out with quick commentary on Nokia (NYSE: NOK) following the company's Q1 results, CEO appointment, and reinstatement of a quarterly dividend this morning.

Analyst Timothy Arcuri commented, With the sale of Devices and Services (D&S) to Microsoft now complete, the company has named Rajeev Suri as CEO and proposed a EUR 5B program to optimize its capital structure. We expect NOK's new three-pronged strategy and the long-term competitiveness of its Networks business to be investors' main focus going forward.

Arcuri noted that Nokia guided for lower Q2 adjusted operating margins from Q1, citing:

• competitive industry dynamics;

• product and regional mix;

• the timing of major new network deployments; and

• continued improvement under Networks' transformation programs.

Arcuri has Nokia at Market Perform with a price target of $7.50.

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 $7.03 yesterday.

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