Nokia (NYSE:NOK) Given New $7.10 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. increased Nokia's price target from $6.00 to $7.10, indicating a potential upside of 14.61% from its recent trading price.
• Nokia's stock has an average rating of "Moderate Buy" from analysts, with six researchers giving it a Buy rating and an average price target of $5.87.
• The company recently reported earnings of $0.05 per share, missing analysts' expectations, but had revenue of $5.34 billion, exceeding the consensus estimate.

Nokia (NYSE:NOK - Get Free Report) had its target price increased by equities researchers at JPMorgan Chase & Co. from $6.00 to $7.10 in a research note issued to investors on Friday,Benzinga reports. The firm presently has an "overweight" rating on the technology company's stock. JPMorgan Chase & Co.'s price target indicates a potential upside of 14.61% from the stock's previous close.

A number of other research analysts have also commented on the company. BNP Paribas upgraded Nokia from a "hold" rating to an "outperform" rating and set a $5.00 price target for the company in a report on Wednesday, September 3rd. Weiss Ratings reissued a "hold (c)" rating on shares of Nokia in a report on Wednesday, October 8th. Raymond James Financial reaffirmed an "outperform" rating on shares of Nokia in a research report on Thursday. Deutsche Bank Aktiengesellschaft reissued a "buy" rating on shares of Nokia in a research report on Wednesday, October 15th. Finally, BNP Paribas Exane raised Nokia from a "neutral" rating to an "outperform" rating and set a $5.00 price objective on the stock in a report on Wednesday, September 3rd. Six equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $5.87.

Nokia Stock Performance

Shares of Nokia stock traded up $0.03 on Friday, reaching $6.20. The stock had a trading volume of 11,902,264 shares, compared to its average volume of 23,296,086. Nokia has a fifty-two week low of $3.91 and a fifty-two week high of $6.24. The business's 50-day moving average price is $4.79 and its two-hundred day moving average price is $4.89. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.21 and a current ratio of 1.46. The stock has a market cap of $33.33 billion, a P/E ratio of 31.03 and a beta of 0.85.

Nokia (NYSE:NOK - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The technology company reported $0.05 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.07 by ($0.02). The firm had revenue of $5.34 billion for the quarter, compared to the consensus estimate of $4.82 billion. Nokia had a net margin of 5.30% and a return on equity of 8.36%. The firm's revenue was up 1.8% on a year-over-year basis. During the same quarter last year, the company earned $0.06 earnings per share. On average, sell-side analysts forecast that Nokia will post 0.34 EPS for the current year.

Institutional Trading of Nokia

Hedge funds and other institutional investors have recently modified their holdings of the stock. Wealthquest Corp bought a new position in Nokia in the 1st quarter valued at $27,000. Harbour Investments Inc. lifted its position in Nokia by 7,046.5% during the 1st quarter. Harbour Investments Inc. now owns 5,074 shares of the technology company's stock valued at $27,000 after purchasing an additional 5,003 shares during the period. FNY Investment Advisers LLC bought a new position in shares of Nokia in the 2nd quarter valued at about $34,000. Assetmark Inc. grew its position in shares of Nokia by 763.7% during the 1st quarter. Assetmark Inc. now owns 8,240 shares of the technology company's stock worth $43,000 after buying an additional 7,286 shares during the period. Finally, First Horizon Advisors Inc. lifted its holdings in Nokia by 677.1% in the second quarter. First Horizon Advisors Inc. now owns 8,486 shares of the technology company's stock valued at $44,000 after buying an additional 7,394 shares during the period. Institutional investors and hedge funds own 5.28% of the company's stock.

About Nokia

Nokia Oyj provides mobile, fixed, and cloud network solutions worldwide. The company operates through four segments: Network Infrastructure, Mobile Networks, Cloud and Network Services, and Nokia Technologies. The company provides fixed networking solutions, such as fiber and copper-based access infrastructure, in-home Wi-Fi solutions, and cloud and virtualization services; IP networking solutions, including IP access, aggregation, and edge and core routing for residential, mobile, enterprise and cloud applications; optical networks solutions that provides optical transport networks for metro, regional, and long-haul applications, and subsea applications; and submarine networks for undersea cable transmission.

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