CFRA MAINTAINS BUY OPINION ON ADSS OF NOKIA CORPORATION

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10:54 AM ET 5/3/17 | CFRA

SNPMarketScopeResearchNotes2017-05-03 10:54:58.000NOKNOKIA CORPORATIONia Man Neoh, /K. SnyderCFRA MAINTAINS BUY OPINION ON ADSS OF NOKIA CORPORATIONWe raise our 12-month target by $1 to $6.50, 23.2X our '17 earnings per ADS estimate of $0.28, compared to its five-year forward average P/E of 24.3X, justified by the challenging market environment. NOK reported Q1 earnings of $0.03 vs $0.03, in line with the consensus. Sales were ahead of expectations due to stabilization in Mobile Networks sales (-1%). Nokia Technologies also performed better than our expectations on a new licensing agreement. While guidance for a low single digit decline in end markets was maintained, we think that the industry cycle is nearing its trough.|US;NOK|7244|FI|215985