The U.S.-listed shares of Nokia Corp. got a boost Monday, after Raymond James analyst Simon Leopold upgraded the Finland-based network infrastructure company, citing an improving competitive position and market opportunities that exceed expectations.
Leopold raised his rating to outperform, after being at market perform since Sept. 8, 2020. He set a price target for the stock at $6.50, which implies about 30% upside from current levels.
The stock
NOK,
jumped 3.7% in afternoon trading. It has tumbled 19.8% year to date, while the S&P 500 index
SPX,
has shed 12.6%.
“We believe Nokia’s business has inflected and management has made progress in rebuilding credibility,” Leopold wrote in a note to clients. “We consider the recent share repurchases and likely re-introduction of a…
