Nokia : Margin expansion set to be limited in 2022
>Neutral rating maintained, target price raised to € 5.4 vs € 5.2 - Nokia reported good Q3 figures thanks to stronger demand for 5G equipment, but it warned that the worldwide semiconductor shortage would affect margins in 2022. We have nonetheless raised our forecasts by 3% on average for 2021-2022 on a higher-than-expected operating margin for 2021. We have therefore raised our target price to € 5.4 from € 5.2. Based on our new estimates, the stock is trading at 5....Nokia is an Internet and communications technology company based in Finland. Co.'s operations are focused on three businesses: network infrastructure software, hardware and services, which Co. offers through Networks; location intelligence, which Co. provides through HERE; and advanced technology development and licensing, which Co. pursues through Technologies. Co. maintains a global presence with operations and Researh & Development facilities located in Europe, North America and Asia, and sales in approximately 130 countries. Co. has an installed base of around 600 customers worldwide and these operators serve over 4 billion subscribers.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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