UPDATE: Citigroup Upgrades Nokia Corporation to Neutral on Cost Reduction Focus

Citigroup raises its rating on Nokia Corporation 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.