(CercleFinance.com) – Oddo confirms its ‘neutral’ rating on Nokia shares, with a price target raised from 5.6 to 5.8 euros.
The analysis office highlights Nokia’s turnover in the 1st quarter, which came out at 5348 ME, in line with the consensus (5258 ME). The adjusted gross margin (40.7%) also exceeded the consensus (39.2%).
In this context, Nokia has revised its 2022 sales range upwards to 22.9 – 24.1 billion euros (vs. 22.6 billion euros – 23.8 billion euros in the previous estimate).
Oddo also welcomes the “positive tone” of management regarding the rest of the financial year, in particular regarding the continuation of growth despite the short-term constraints linked to the supply chain and containment in China.
‘Following this publication, we are revising our EPS upwards by an average of 3% over 2022-2023. For 2022, we are still targeting sales in the middle of the range of the new guidance at 23.5 billion euros, i.e. annual growth of 6% (driven again by fixed networks)’, concludes the analyst.
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