- "If you are looking for revenue growth, stop reading. But if you're looking for a bombed-out stock with a reasonable valuation, solid management, strong balance sheet, a lot of bad news behind it, and significant optionality, read on," writes CLSA's Avi Silver, upgrading Nokia (NOK +4%) to Outperform from Underperform.
- Silver, who has upped his target by $1 to $6.25, also thinks earnings estimates could rise as Nokia reaps synergies related to the Alcatel-Lucent merger, and is upbeat about the company's guidance for a 7%+ Networks division op. margin.
- The upgrade comes two weeks after Nokia sold off in response to its Q1 report. and shortly after a Finnish union said the company could cut 10K-15K jobs globally.