Nokia upgraded to Overweight from Neutral at JPMorgan

JPMorgan analyst Sandeep Deshpande upgraded Nokia (NOK) to Overweight from Neutral with a price target of $6.35, up from $4.35. After difficult years in terms of revenue growth, Nokia should see improvement in sales due to some improvement likely in U.S. telco spend and Indian telco spending continuing to expand 5G coverage, the analyst tells investors in a research note. The firm believes Nokia should also benefit from network infrastructure improvements in the U.S. in routing, optical and fixed as well as from share gains in cloud infrastructure. JPMorgan believes the consensus estimates can be beaten and Nokia’s multiple is below long-term average.