The Nokia Corp. (NOK) Stock Rating Lowered by Zacks Investment Research

The Nokia Corp. (NOK) Stock Rating Lowered by Zacks Investment Research

Nokia Corp. (NYSE:NOK) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday.

According to Zacks, “Nokia has underperformed the broader industry over the past three months. Additionally, below par performance of its primary division, Nokia Networks is a concern. The company expects net sales in its primary networks division to decline in 2016 due to a declining wireless infrastructure market. We are also concerned with the outcome of the company's legal action against Apple Inc. regarding patents. However, we are positive on the company's plans to acquire Deepfield and its new deal with  leading Chinese digital entertainment platform, Youku.”

NOK has been the topic of a number of other research reports. Morgan Stanley reaffirmed a “neutral” rating on shares of Nokia Corp. in a research note on Monday, October 10th. Canaccord Genuity reaffirmed a “buy” rating and set a $7.00 target price on shares of Nokia Corp. in a research note on Monday, September 19th. Goldman Sachs Group Inc. lowered shares of Nokia Corp. from a “conviction-buy” rating to a “buy” rating in a research note on Thursday, October 13th. Credit Suisse Group AG reaffirmed an “outperform” rating and set a $5.01 target price (down previously from $5.09) on shares of Nokia Corp. in a research note on Thursday, October 13th. Finally, BNP Paribas reaffirmed a “buy” rating on shares of Nokia Corp. in a research note on Saturday, October 15th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $9.83.

Shares of Nokia Corp. (NYSE:NOK) opened at 4.69 on Tuesday. The company has a 50 day moving average of $4.72 and a 200-day moving average of $5.16. The firm has a market cap of $27.07 billion, a price-to-earnings ratio of 59.37 and a beta of 1.44. Nokia Corp. has a 12-month low of $4.04 and a 12-month high of $7.31.

Several institutional investors have recently bought and sold shares of NOK. Teachers Advisors LLC raised its position in Nokia Corp. by 159.2% in the third quarter. Teachers Advisors LLC now owns 4,493,847 shares of the technology company’s stock worth $26,019,000 after buying an additional 2,759,787 shares during the last quarter. Tocqueville Asset Management L.P. raised its position in Nokia Corp. by 94.4% in the second quarter. Tocqueville Asset Management L.P. now owns 2,181,695 shares of the technology company’s stock worth $12,414,000 after buying an additional 1,059,645 shares during the last quarter. BlackRock Investment Management LLC raised its position in Nokia Corp. by 6.2% in the third quarter. BlackRock Investment Management LLC now owns 3,116,289 shares of the technology company’s stock worth $18,043,000 after buying an additional 181,231 shares during the last quarter. Emerald Acquisition Ltd. raised its position in Nokia Corp. by 102.5% in the third quarter. Emerald Acquisition Ltd. now owns 10,820,534 shares of the technology company’s stock worth $62,650,000 after buying an additional 5,478,149 shares during the last quarter. Finally, BlackRock Group LTD raised its position in Nokia Corp. by 1.9% in the third quarter. BlackRock Group LTD now owns 1,134,860 shares of the technology company’s stock worth $6,571,000 after buying an additional 20,770 shares during the last quarter. Institutional investors and hedge funds own 5.44% of the company’s stock.

About Nokia Corp.

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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