(CercleFinance.com) – Oddo BHF maintains its ‘neutral’ rating on Nokia shares, with an unchanged price target of 3 euros.
Nokia indicated on Friday that it would not achieve its objectives for the 2023 financial year on turnover, operating margin and free cash flow, reports Oddo BHF.
Indeed, the financial outlook assumed the finalization of license renewals (Oppo and Vivo) before the end of 2023. Finalization is now expected for 2024.
Oddo BHF also says it is ‘more concerned’ about the group’s operational comments, which, despite the observation of a certain improvement in orders and a maintenance of the outlook by division for 2024, indicate that the 4th quarter was more difficult provided that.
In this context, the broker indicates remaining cautious on Nokia despite the low valuation (9x PE), as well as on the sector as a whole (underperformance opinion on Ericsson).
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