Citigroup Upgraded Nokia Oyj (NOK) To Buy with Price Target of $6.8

Nokia Oyj (NYSE: NOK), a communications equipment developer, is still one of the world’s leading suppliers, and the new contracts have received strong feedback from Wall Street.

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Wire 3, a Florida-based fiber-optic network operator, has awarded the contract to Nokia North America. Nokia will provide equipment for the new high-speed Wire 3 network, which will be capable of 10 Gbps connection rates.

Nokia solutions for the provider’s central office, fiber optic client modems, service routers, Wi-Fi gateways, and the Nokia Altiplano broadband controller are all included in the transaction.

Nokia is one of the key benefactors of the global economy’s digital transition. Nokia’s yearly revenue is approaching $30 billion, and its technologies are in high demand for updating and installing new networks, including 5G mobile communications.

In light of this, Citigroup investment bank analysts upped their rating on NOK shares from neutral to “buy” on Tuesday, June 14, with a target price of $6.8. The significant favorable characteristics of the mobile infrastructure industry were noticed by Citigroup.

At the same time, NOK stock prices have reversed a 10-year downward trend and are exhibiting indications of recovery. Nokia will comfortably attain a margin of more than 13% in 2022, according to Citigroup analyst Andrew Gardiner, which is at the top end of the projection range.

Despite fierce competition from American manufacturers, Nokia maintains a solid presence in the United States. For example, Nokia equipment kits are used in seven out of ten American homes with fiber-optic connections (the so-called FTTH segment – fiber directly to the home).

In the last month, the stock has lost -4.30 percent, -8.43 percent in the last three months, and -21.91 percent in the last six months. The price volatility of NOK was predicted to be 2.23 percent in the previous week and 2.32 percent in the previous month.