UPDATE: ABG Sundal Collier Upgrades Nokia to Buy; Restructuring Does Not Affect Valuation
ABG Sundal Collier raises its rating on Nokia Corporation (NYSE: NOK) from Hold to Buy.
ABG Sundal Collier notes, "Unperturbed by the restructuring announcement of 14 June, we see no reason to alter our central earnings scenario, risk assessment or valuation opinion. With the share now trading at a discount to the bottom of our unchanged ‘fair value' range of EUR 2.0-3.0, we now expect an appreciable asymmetric upside to the tune of 30% to our target price."
NOK closed at $2.48 on Friday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.