Nokia Co. Downgraded to “Neutral” at Zacks (NOK)
Nokia Co. (NYSE:NOK) was downgraded by Zacks from an “outperform” rating to a “neutral” rating in a note issued to investors on Thursday. They currently have a $8.25 price target on the stock. Zacks‘s price objective would suggest a potential upside of 6.59% from the stock’s previous close.
Zacks’ analyst wrote, “Nokia reported mixed financial results for the second quarter of 2014 wherein the bottom line outpaced the Zacks Consensus Estimate while the top line fell below the same. Meanwhile, improved credit ratings, continuous contract wins, aggressive 4GLTE network deployment across China along with higher investments in network restructuring by emerging nations may bolster top-line growth for Nokia. However, stiff competition from large players and currency exchange rate risks continue to pressurize the company’s top line. Over the last year, the stock price of Nokia soared 99% and is presently trading at the higher end of the 52-week price range. We therefore downgrade our long-term recommendation on Nokia from Outperform to Neutral.”
Other equities research analysts have also recently issued reports about the stock. Analysts at MKM Partners raised their price target on shares of Nokia Co. from $7.75 to $8.25 in a research note on Thursday, July 24th. They now have a “neutral” rating on the stock. Separately, analysts at Raymond James upgraded shares of Nokia Co. from an “underperform” rating to a “market perform” rating in a research note on Monday, June 23rd. Finally, analysts at RBC Capital raised their price target on shares of Nokia Co. from $9.00 to $11.00 in a research note on Thursday, June 12th. They now have an “outperform” rating on the stock. Three 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 stock. The stock currently has a consensus rating of “Hold” and an average price target of $12.46.
Nokia Co. (NYSE:NOK) traded up 0.58% during mid-day trading on Thursday, hitting $7.785. 12,573,508 shares of the company’s stock traded hands. Nokia Co. has a 52 week low of $3.87 and a 52 week high of $8.35. The stock has a 50-day moving average of $7.72 and a 200-day moving average of $7.55. The company has a market cap of $28.914 billion and a P/E ratio of 10.69. Nokia Co. also was the target of a significant drop in short interest during the month of July. As of July 31st, there was short interest totalling 19,488,976 shares, a drop of 18.0% from the July 15th total of 23,770,984 shares. Based on an average daily volume of 20,352,851 shares, the days-to-cover ratio is currently 1.0 days. Approximately 0.0% of the company’s shares are short sold.
Nokia Co. (NYSE:NOK) last released its earnings data on Thursday, July 24th. The company reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by $0.01. The company had revenue of $2.94 billion for the quarter, compared to the consensus estimate of $3.91 billion. The company’s revenue for the quarter was down 47.5% on a year-over-year basis. Analysts expect that Nokia Co. will post $0.32 EPS for the current fiscal year.
Nokia Corporation invests in technological devices. The Company is focused on three businesses: network infrastructure software, hardware and services, which it offers through Networks; location intelligence, which the Company provides through HERE, and advanced technology development and licensing, which the Company pursues through Technologies.
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