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Upgrade Alert for Nokia (NOK)

By Amy Schwartz

Nokia (NYSE:NOK) was upgraded from Neutral to Buy at Goldman Sachs today. The stock closed yesterday at $5.54 on volume of 11.2 million shares, below average daily volume of 12.0 million.

Over the past year, Nokia has traded in a range of $5.01 to $7.63 and closed yesterday at $5.54, 11% above that low. The 200-day and 50-day moving averages have moved 0.29% lower and 0.39% lower over the past week, respectively.

Nokia (NYSE:NOK) has potential upside of 64.9% based on a current price of $5.54 and analysts' consensus price target of $9.14. The stock should run into initial resistance at its 50-day moving average (MA) of $5.98 and subsequent resistance at its 200-day MA of $6.62.

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.

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 15.5%. 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