UPDATE: SEB Enskilda Upgraded Nokia Corporation to Hold Following Weak Share Performance
SEB Enskilda upgraded its rating on Nokia Corporation (NYSE: NOK) from Sell to Hold following recent share underperformance.
SEB Enskilda commented, "Following the very weak share price performance (down some 50% in three months and some 20% last month), the market's expectations on Nokia are quite low. As the Q2 2012 report did not add any additional negative fuel to the fire, we believe most of the negatives, including our fairly pessimistic view on Nokia's fundamentals, are already priced in. We have thus upgraded our recommendation from Sell to Hold but have cut our target price slightly from EUR 1.8 to EUR 1.7 We have cut our EBIT estimates by 49% for 2012, 16% for 2013 and 5% for 2014."
Nokia Corporation closed at $1.85 on Thursday.
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