Nokia Reports Soft 1Q Results but Is Relatively More Optimistic About 2018; Maintaining $5.50 FVE
Nokia started 2018 with sluggish results compared with its stellar 2017 finish, mainly due to declines in North American networks sales. However, the firm still expects to reach its annual targets, hinging primarily on 5G rollouts. It is also seeing positive signs in its networks backlog and its optical business. We will maintain our fair value estimates for no-moat Nokia of $5.50 per U.S. ADR and EUR 4.50 per share, and we would seek a wider margin of safety before investing.Nokia’s revenue in...
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