- Eleven months after upgrading Nokia (NOK -1.8%) to Buy, SocGen has cut shares to Hold.
- Nokia, which is up 78% since SocGen issued its upgrade, is selling off following the downgrade. The ratings cut is overshadowing a bullish coverage launch from Citi (made as part of a broader sector launch).
- In tandem with downgrading Nokia, SocGen has upgraded mobile infrastructure rival Ericsson (ERIC +0.8%) to Buy. Ericsson's YTD gains are far smaller than Nokia's.
SocGen cuts Nokia to Hold, upgrades Ericsson to Buy
Dec 11 2013, 12:16 ET