Shares of Nokia Corporation (NYSE: NOK) jumped nearly 3% touching a 52-week high of $8.40 on Aug 29, 2014, propelled by significant contract wins in the month of August. However, the shares ended the day's trading a trifle lower at $8.37.
The Finnish telecommunication company, which has a market cap of nearly $31 billion, has witnessed its shares shoot up more than 63% over the past twelve months.
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In the past one month, the company's shares have jumped more than 7% driven by the news of a couple of agreements. Recently Nokia's network unit – Nokia Solutions and Networks (NSN) – reportedly cut a deal with Hutchison Whampoa's Irish mobile network subsidiary – Three to upgrade the latter's 2G and 3G networks. NSN will also chalk out integration works with Three's newly acquired O2 Ireland.
In mid-August, the company sealed a deal with Vodafone Group Public Limited Company's (NASDAQ: VOD) New Zealand operations to install a 700 MHz-based LTE network. Nokia has reportedly won 12 deals in the first half of 2014 much higher than 9 deals in the first half of 2013.
Strong Second-quarter Earnings
In the last reported second quarter of 2014, the company reported earnings per share of 8 cents beating the Zacks Consensus Estimate by a margin of 14.3%. Nokia had delivered positive earnings surprises in all of the last four quarters, with an average beat of 49.21%.
Estimate Revisions Reflect Strength
Despite the strong price appreciation, the stock still has room for plenty of upside, given the positive estimate revisions witnessed over the past 60 days. In the last 60 days, Nokia has witnessed seven upward revisions for the current year, with the Zacks Consensus Estimate for earnings moving up from 32 cents to 34 cents per share.
Nokia has a Zacks Rank #3 (Hold).
Other Stocks to Consider
Some better-ranked wireless equipment stocks worth considering include Aruba Networks, Inc. (NASDAQ: ARUN) and DragonWave Inc. (NASDAQ: DRWI). Both these stocks carry a Zacks Rank #2 (Buy).
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