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. Zacks Investment Research currently has $6.50 price target 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. “
A number of other equities analysts also recently issued reports on NOK. Bank of America Corp. reissued a buy rating on shares of Nokia Corp. in a research report on Thursday, July 14th. JPMorgan Chase & Co. reissued a buy rating on shares of Nokia Corp. in a research report on Thursday, July 14th. Vetr downgraded Nokia Corp. from a buy rating to a hold rating and set a $5.92 price target on the stock. in a research report on Wednesday, July 13th. Oppenheimer Holdings Inc. reissued an outperform rating and set a $8.00 price target on shares of Nokia Corp. in a research report on Tuesday, August 16th. Finally, Argus reissued a buy rating and set a $10.00 price target on shares of Nokia Corp. in a research report on Monday, August 15th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and fourteen have assigned a buy rating to the company’s stock. The company presently has an average rating of Buy and an average target price of $7.06.
Shares of Nokia Corp. (NYSE:NOK) opened at 5.49 on Tuesday. The company has a 50-day moving average price of $5.67 and a 200 day moving average price of $5.68. The company has a market capitalization of $31.69 billion, a P/E ratio of 30.16 and a beta of 1.47. Nokia Corp. has a 12-month low of $5.01 and a 12-month high of $7.63.
Nokia Corp. (NYSE:NOK) last announced its quarterly earnings data on Thursday, August 4th. The technology company reported $0.03 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by $0.01. The business earned $5.58 billion during 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 business’s revenue was up 91.3% compared to the same quarter last year. During the same period last year, the company earned $0.09 EPS. On average, equities analysts anticipate that Nokia Corp. will post $0.20 earnings per share for the current fiscal year.
A number of hedge funds have recently bought and sold shares of the company. Societe Generale bought a new stake in Nokia Corp. during the second quarter valued at approximately $924,000. Bank of Montreal Can acquired a new stake in shares of Nokia Corp. during the second quarter valued at approximately $454,000. Blair William & Co. IL acquired a new stake in shares of Nokia Corp. during the second quarter valued at approximately $144,000. Stoneridge Investment Partners LLC raised its stake in shares of Nokia Corp. by 17.5% in the second quarter. Stoneridge Investment Partners LLC now owns 658,881 shares of the technology company’s stock valued at $3,749,000 after buying an additional 98,194 shares during the last quarter. Finally, World Asset Management Inc raised its stake in shares of Nokia Corp. by 8.3% in the second quarter. World Asset Management Inc now owns 358,217 shares of the technology company’s stock valued at $2,038,000 after buying an additional 27,571 shares during the last quarter. 4.28% of the stock is currently owned by hedge funds and other institutional investors.
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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