Nokia Upgraded to “Outperform” by Zacks (NOK)
Nokia (NYSE:NOK) was upgraded by Zacks from a “neutral” rating to an “outperform” rating in a note issued to investors on Friday, American Banking News.com reports. The firm currently has a $8.50 target price on the stock. Zacks‘ target price would suggest a potential upside of 21.26% from the stock’s previous close.
Zacks‘ analyst wrote, “Nokia reported mixed financial results for the fourth quarter of fiscal 2013. The bottom line outpaced the Zacks Consensus Estimate, whereas the top line fell below the same. Slashing of its unprofitable Device segment coupled with growing popularity of its HERE mapping business will not only drive margins but will also boost revenues. Recently, Nokia has divested its struggling handset business to Microsoft. Moreover, continuous contract wins, aggressive deployment of 4GLTE network across China coupled with higher capital expenses related to network restructuring in emerging nations may bolster top line growth for Nokia. We upgrade our long-term recommendation on Nokia from Neutral to Outperform based on such favorable growth prospects. Meanwhile, the stock price of Nokia soared 132% in the last one year and is presently trading at the high-end of the 52-week price range.”
A number of other analysts have also recently weighed in on NOK. Analysts at HSBC reiterated a “neutral” rating on shares of Nokia in a research note to investors on Friday, January 31st. Separately, analysts at Credit Suisse reiterated an “outperform” rating on shares of Nokia in a research note to investors on Monday, January 27th. Finally, analysts at Natixis downgraded shares of Nokia from a “neutral” rating to a “reduce” rating in a research note to investors on Friday, January 24th. Six research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and sixteen have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $12.20.
Nokia (NYSE:NOK) traded up 3.21% during mid-day trading on Friday, hitting $7.235. The stock had a trading volume of 17,213,902 shares. Nokia has a 52 week low of $3.02 and a 52 week high of $8.20. The stock has a 50-day moving average of $7.59 and a 200-day moving average of $6.57. The company’s market cap is $26.859 billion.
Nokia (NYSE:NOK) last released its earnings data on Thursday, January 16th. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.03. The company had revenue of $3.48 billion for the quarter. During the same quarter in the previous year, the company posted $0.06 earnings per share. The company’s revenue for the quarter was down 21.2% on a year-over-year basis. On average, analysts predict that Nokia will post $0.30 earnings per share for the current fiscal year.
Nokia Oyj is a Finland-based company engaged in the manufacture of mobile devices and networks. It operates three business segments.
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