UPDATE: Citigroup Upgrades Nokia Corporation to Neutral on Cost Reduction Focus
Citigroup raises its rating on Nokia Corporation (NYSE: NOK) from Sell to Neutral following the announcement of a restructuring program at the company.
Citigroup notes, "Nokia announced: 1) Another major €1b D&S restructuring program (10k global headcount reduction, closure of 2 R&D sites and 1 manufacturing plant), 2) Lowered Q2 OM guidance (now below -3%: CIRA -5.4% excl Vertu), 3) Sig management changes, 4) Vertu disposal and 5) Acquisition of Imaging technologies from Scalado (no financials disclosed for either Vertu or Scalado)."
NOK closed at $2.35 on Thursday.
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