Nokia Corp. (NOK) Upgraded to Buy by Zacks Investment Research
Zacks Investment Research upgraded shares of Nokia Corp. (NYSE:NOK) from a hold rating to a buy rating in a research note published on Tuesday morning. The firm currently has $6.50 price objective on the technology company’s stock.
According to Zacks, “Nokia expects to realize annual operating cost synergies of more than the previously stated €900 million from the Alcatel-Lucent deal in 2018 which is encouraging. Though, the mobile device maker has been struggling due to the unimpressive performance of its flagship unit– the Nokia Networks division, it should benefit from rapid innovation. We are optimistic on the company’s efforts to expand its product portfolio. Enhancement of its Mobile Edge Computing Application, launch of Everything as a Service (Xaas) platform and expansion of AirScale Radio Access Portfolio are encouraging. Recently, the company announced a breackthrough F-cell technology in the wireless space. The new services are expected to reduce costs and improve efficiency for the company’s customers and meet demands of a rapidly changing technology sector. “
Several other research firms have also recently issued reports on NOK. BMO Capital Markets reiterated an outperform rating and set a $7.00 price objective on shares of Nokia Corp. in a research report on Wednesday, August 10th. Vetr lowered shares of Nokia Corp. from a buy rating to a sell rating and set a $5.66 target price for the company. in a report on Wednesday, July 27th. Oppenheimer Holdings Inc. reissued an outperform rating and issued a $8.00 target price on shares of Nokia Corp. in a report on Tuesday, August 16th. Canaccord Genuity reissued a buy rating and issued a $7.00 target price on shares of Nokia Corp. in a report on Monday, September 19th. Finally, Goldman Sachs Group Inc. raised shares of Nokia Corp. from a neutral rating to a buy rating and raised their target price for the company from $5.54 to $5.60 in a report on Wednesday, June 29th. One analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have assigned a buy rating to the stock. Nokia Corp. presently has an average rating of Buy and an average price target of $7.06.
Nokia Corp. (NYSE:NOK) opened at 5.76 on Tuesday. The firm has a 50-day moving average of $5.68 and a 200 day moving average of $5.69. Nokia Corp. has a one year low of $5.01 and a one year high of $7.63. The company has a market capitalization of $33.24 billion, a price-to-earnings ratio of 31.65 and a beta of 1.47.
Nokia Corp. (NYSE:NOK) last released its quarterly earnings data on Thursday, August 4th. The technology company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by $0.01. The company had revenue of $5.58 billion for the quarter, compared to the consensus estimate of $5.80 billion. Nokia Corp. had a net margin of 4.13% and a return on equity of 7.60%. The company’s quarterly revenue was up 91.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.09 EPS. Equities research analysts predict that Nokia Corp. will post $0.20 earnings per share for the current fiscal year.
A number of large investors have recently added to or reduced their stakes in the company. Levin Capital Strategies L.P. bought a new stake in Nokia Corp. during the second quarter valued at approximately $91,405,000. Brandes Investment Partners LP acquired a new position in shares of Nokia Corp. during the second quarter valued at $55,182,000. Waddell & Reed Financial Inc. increased its position in shares of Nokia Corp. by 16.3% in the second quarter. Waddell & Reed Financial Inc. now owns 7,896,000 shares of the technology company’s stock valued at $44,928,000 after buying an additional 1,107,100 shares during the last quarter. Emerald Acquisition Ltd. acquired a new position in shares of Nokia Corp. during the second quarter valued at $30,399,000. Finally, Bowen Hanes & Co. Inc. increased its position in shares of Nokia Corp. by 8,371.1% in the second quarter. Bowen Hanes & Co. Inc. now owns 3,303,735 shares of the technology company’s stock valued at $18,798,000 after buying an additional 3,264,735 shares during the last quarter. Institutional investors and hedge funds own 4.28% of the company’s stock.
Nokia Corp. Company Profile
Nokia Corporation is a global provider of network infrastructure and related services, with a focus on mobile broadband, as well as advanced technology development and licensing. The Company’s businesses include Nokia Networks and Nokia Technologies. The Company’s segments include Mobile Broadband, Global Services, Nokia Networks Other and Nokia Technologies.
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