UPDATE: Swedbank Downgrades Nokia on Excessive Share Price Gains
In a report published on Tuesday, Swedbank analyst Håkan Wranne downgraded Nokia (NYSE: NOK) from Buy to Neutral and maintained a price target of $3.86 (3 Eur).
In the report, Swedbank noted, "Following the acquisition of Siemens' 50% stake in NSN, Nokia has reached and exceeded our EUR 3.0 target price. We therefore downgrade the stock to Neutral (Buy). At the current share price, Nokia needs to deliver a decent report in order to avoid a sell-off of the stock, but signals have been mixed. Continued M&A speculation should work as a cushion.".
Nokia closed on Monday at $4.13.
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