Nokia: Oddo BHF cuts target price
(CercleFinance.com) - While maintaining its "neutral" rating on Nokia shares, Oddo BHF has reduced its target price for them from E4 to E3.
3, after reducing its EPS estimates by an average of 10% over 2023 and 2024 following the Finnish group's quarterly figures.
The slowdown in the global telecom equipment market is going to last longer than expected, the analyst warns, who prefers to stay on the sidelines until there are signs of a recovery.
While acknowledging near-term uncertainties, Oddo BHF believes that, based on its new forecasts, Nokia's valuation is low, trading at 3.5x forward-looking 12-month EBITDA, clearly below its 5-year average of 6.8x.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
3, after reducing its EPS estimates by an average of 10% over 2023 and 2024 following the Finnish group's quarterly figures.
The slowdown in the global telecom equipment market is going to last longer than expected, the analyst warns, who prefers to stay on the sidelines until there are signs of a recovery.
While acknowledging near-term uncertainties, Oddo BHF believes that, based on its new forecasts, Nokia's valuation is low, trading at 3.5x forward-looking 12-month EBITDA, clearly below its 5-year average of 6.8x.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.