(CercleFinance.com) – Oddo maintains its ‘neutral’ recommendation on Nokia shares, with a price target raised from 4.5 to 4.8 euros.
‘Nokia published a turnover of 7.4 billion euros for the 4th quarter, when the consensus was for 7.2 billion euros. Consequently, Oddo raises its EPS forecasts by 1% for 2023 and 2024, and highlights the optimism of Nokia’s management despite an uncertain sector context in the short term.
The 2023 guidance comes out in line with expectations while the long-term objectives are reiterated, reports Oddo.
Nokia thus forecasts a turnover of between 24.9 MdsE and 26.5 MdsE (vs consensus 25.4 MdsE) for 2023, and an operating margin of between 11.5% and 14% (vs consensus at 12.7%).
“The group considers that it is well positioned to achieve its long-term objectives,” adds Oddo. According to the analyst, Nokia should thus pursue the development of its network portfolio, pursue its investments in R&D and pursue the development of new high-margin products – in particular for the Mobile network division.
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