Nokia: shares slightly up on Berenberg's 'buy' rating

(CercleFinance.com) - Nokia shares are currently up 0.
7% at 4.5 euros, trading in line with the STOXX Europe 600 Telecommunications index, which is also up 0.7% today, as Berenberg initiates coverage of the Finnish telecoms gear maker with a "buy" rating.

The broker says in a report that it has a "cautious, but somewhat optimistic view" on the European telecoms equipment sub-sector.

"With average revenue per user (ARPU) in the telecoms industry having fallen in virtually every region in the last 10 years, telcos have restrained their capital expenditures," Berenberg analysts write in a note, with a 5.5 euro target price for the stock.



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