Nokia "perform," target price raised
NEW YORK, November 10 (newratings.com) - Analyst Ren Zamora of Loop Capital maintains his "perform" rating on Nokia (NOK.NYS), while raising his estimates for the company. The target price has been raised from $15 to $16.
In a research note published yesterday, the analyst mentions that the company is initiating several restructuring measures. The analyst expects Nokia to reduce its R&D expenses by the end of 2005. Loop Capital expresses its concern, however, regarding the company's ability to effectively improve its product portfolio in the near future. The EPS estimate for FY05 has been raised from $0.84 to $0.86 to reflect favourable foreign exchange valuations.
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