Nokia downgraded to Sell from Neutral at Goldman Sachs

Goldman Sachs downgraded Nokia (NOK) to Sell from Neutral with an unchanged price target of $3.60. The firm cites valuation for the downgrade following the stock’s outperformance. Nokia shares rose 40% in 2024, which is unwarranted, as the company saw continued downwards consensus earnings revisions through the period, as well as push-outs in Networks Infrastructure owing to delayed conversion of orders to revenue, the analyst tells investors in a research note. At the current valuation, the shares already reflect an upside scenario of improving sentiment and recovery in Networks Infrastructure, where visibility has historically been low, contends Goldman.