Wells Fargo Reiterates Market Perform Rating on Nokia Following Strategy Evaluation

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In a report published Wednesday, Wells Fargo Securities analyst Maynard Um reiterated a Market Perform rating on
Nokia CorporationNOK
. In the report, Wells Fargo Securities noted, “The Board conducting a strategy evaluation indicates a long term strategy has yet to be determined for the non-Device businesses. While we believe the Board will look at all strategic options including potential asset sales of any of the three remaining businesses (networks, HERE, and IP), the most logical scenario, in our opinion, would be to make the networks segment the core business, to keep the Advanced Technologies business given some synergy, and sell the HERE business. Only until a broader strategy is determined do we expect a permanent CEO to be named and a more defined capital allocation to be considered (acquire to get bigger or return cash to shareholders?).” Nokia Corporation closed on Tuesday at $5.12.
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Posted In: Analyst ColorReiterationAnalyst RatingsMaynard UmWells Fargo Securities
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