Rodman & Renshaw Reiterates Outperform Rating on Nokia

Rodman & Renshaw is out with a research report this morning, where it reiterates its Outperform rating on Nokia

; it has a $10.00 price target on the stock. The R&R analysts cited the company's recent announcement that it has resolved all patent litigation with Apple

. The patent litigation dates back to 2009 when Nokia filed suit against Apple for a number of IPR (intellectual property rights) issues and Apple counter sued. Under terms of the agreement, Apple has agreed to make a one-time catch-up payment for past sales and pay an ongoing royalty payment to Nokia. As for valuation, the analysts remarked, “Maintain Market Outperform rating and $10 price target, which is based on 13X our 2012 U.S-based EPS of $0.75”