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Upgrade Alert for Nokia (NOK)

By Nick Russo

Nokia (NYSE:NOK) was upgraded from Hold to Buy at Canaccord Genuity today. The stock closed yesterday at $5.21 on volume of 31.2 million shares, above average daily volume of 12.0 million.

Nokia Corporation is a player in the mobile industry. The Company makes a range of mobile devices with services and software that enable people to experience music, navigation, video, television, imaging, games, business mobility and more. Nokia also provides equipment, solutions and services for communications networks.

Nokia (NYSE:NOK) has potential upside of 75.4% based on a current price of $5.21 and analysts' consensus price target of $9.14. Nokia shares should first meet resistance at the 50-day moving average (MA) of $5.98 and find additional resistance at the 200-day MA of $6.62.

Over the past year, Nokia has traded in a range of $5.11 to $7.63 and closed yesterday at $5.21, 2% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.4% while the 200-day MA has slid 0.3%.

SmarTrend recommended that its subscribers protect gains by selling shares of Nokia on February 1st, 2016 by issuing a Downtrend alert when the shares were trading at $6.34. Since that call, shares of Nokia have fallen 18.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: analyst upgrades/downgrades Nokia

Ticker(s): NOK