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Upgrade Alert for Nokia (NOK)

By Shiri Gupta

Nokia (NYSE:NOK) was upgraded from Buy to Conviction Buy at Goldman Sachs today. The stock closed yesterday at $5.81 on volume of 6.1 million shares, below average daily volume of 12.0 million.

In the past 52 weeks, shares of Nokia have traded between a low of $5.01 and a high of $7.63 and closed yesterday at $5.82, which is 16% above that low price. The 200-day and 50-day moving averages have moved 0.29% lower and 0.39% lower over the past week, respectively.

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 has overhead space with shares priced $5.82, or 36.3% below the average consensus analyst 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.

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 8.2%. 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