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Nokia Jumps After Goldman Sachs Calls It a Buy

Published 06/25/2021, 10:32 PM
© Reuters.
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By Christiana Sciaudone

Investing.com -- Nokia (NYSE:NOK) rose more than 7% after Goldman Sachs (NYSE:GS) upgraded the stock.

Analyst Alexander Duval upgraded shares to buy from neutral with a price target of $6.50 from $4.90, StreetInsider reported. 

Duval cited wireless market demand continuing to improve thanks to 5G, particularly in the U.S. and EU. 

"There is evidence that Nokia’s wireless base station product position for 5G is improving, suggesting scope that they can regain their place as a key tech enabler for cellular connectivity," Duval wrote in a note.

"We see scope for share gains from Chinese vendors such as Huawei, especially in Europe where telcos continue to be restricted," Duval wrote.

The stock is trading at its highest in about two years. 

 

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