Nokia (NYSE:NOK) Rating Increased to Buy at Bank of America

Key Points

• Bank of America upgraded Nokia from "neutral" to buy and set a $12.40 price objective, implying roughly a 31% upside from the company's current price.
• MarketBeat's consensus rates Nokia as a Moderate Buy with an average price target of $7.91, while the stock trades near $9.47, has a 1‑year range of $4.00–$9.87 and a P/E of 72.8.

Nokia (NYSE:NOK - Get Free Report) was upgraded by equities research analysts at Bank of America from a "neutral" rating to a "buy" rating in a research note issued on Monday. The brokerage presently has a $12.40 price objective on the technology company's stock. Bank of America's price objective would suggest a potential upside of 31.01% from the company's current price.

A number of other research firms have also recently issued reports on NOK. Morgan Stanley started coverage on Nokia in a research report on Monday, February 9th. They set an "overweight" rating and a $8.00 price objective on the stock. Argus upgraded Nokia to a "hold" rating in a research report on Wednesday, February 11th. Santander raised Nokia from a "neutral" rating to an "outperform" rating in a research note on Monday, February 2nd. Kepler Capital Markets raised Nokia from a "hold" rating to a "buy" rating in a research note on Wednesday, January 7th. Finally, Citigroup reaffirmed a "sell" rating on shares of Nokia in a research note on Friday, January 23rd. Nine equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $7.91.

Nokia Stock Performance

NOK opened at $9.47 on Monday. The stock has a market cap of $54.35 billion, a PE ratio of 72.81, a P/E/G ratio of 3.28 and a beta of 0.77. The company has a current ratio of 1.58, a quick ratio of 1.36 and a debt-to-equity ratio of 0.11. Nokia has a 1 year low of $4.00 and a 1 year high of $9.87. The stock's 50 day simple moving average is $7.91 and its 200-day simple moving average is $6.82.

Institutional Trading of Nokia

Institutional investors have recently bought and sold shares of the stock. Fifth Third Bancorp grew its holdings in shares of Nokia by 248.7% during the fourth quarter. Fifth Third Bancorp now owns 3,815 shares of the technology company's stock worth $25,000 after purchasing an additional 2,721 shares during the last quarter. Wexford Capital LP acquired a new position in Nokia during the 3rd quarter worth about $29,000. FNY Investment Advisers LLC lifted its position in Nokia by 33,457.1% during the 4th quarter. FNY Investment Advisers LLC now owns 4,698 shares of the technology company's stock worth $30,000 after buying an additional 4,684 shares in the last quarter. Dorato Capital Management acquired a new stake in Nokia in the 4th quarter valued at about $31,000. Finally, Caitong International Asset Management Co. Ltd bought a new position in shares of Nokia in the third quarter worth about $34,000. Institutional investors and hedge funds own 5.28% of the company's stock.

About Nokia

Nokia Corporation, headquartered in Espoo, Finland, is a global telecommunications and technology company with roots dating back to 1865. Over its long history the company moved from forestry and cable operations into electronics and telecommunications, becoming widely known in the 1990s and 2000s for its mobile phones. In recent years Nokia refocused its business toward network infrastructure, software and technology licensing, and research and development, following the divestiture of its handset manufacturing business and the acquisition of Alcatel‑Lucent in 2016, which brought Bell Labs into its portfolio.

Today Nokia's core activities center on designing, building and supporting communications networks and related software.

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