UPDATE: Nokia Trading Up Following Jefferies Upgrade

In a report issued Tuesday, Jefferies upgraded its rating of Nokia NOK from Hold to Buy with a target price of $10.12.

Analyst Lee Simpson sees Nokia's IPR business to soon be ramping up, which could be a huge driver of success for the company. Simpson also sees that Nokia's ability to charge a possible 1.4-1.5 percent in royalty rates on patents could also be a large factor of success.

Investors are responding positively to the upgrade with shares of Nokia trading up 3.79 percent to $7.53 at last checked trade in Wednesday's session.