5G Network Demand, Software Focus, Additional Cost Savings Reaffirm Nokia Investment Opportunity
Nokia's third-quarter results were slightly below our expectations, but we retain our longer-term thesis on the no-moat firm. We believe Nokia is poised for strong operational growth through 5G build-outs, a growing software portfolio, the broadening of its revenue stream, and a newly announced cost-reduction program. Management reiterated it is on track to achieve its 2020 targets through productivity improvements and a focus on next-generation products. We reaffirm our $7.60 fair value estimat...
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