NOK Stock Recommendation: Why Nokia Deserves A Price Target of $5.30
The article was written by Motek Moyen Research Seeking Alpha’s #1 Writer on Long Ideas and #2 in Technology – Senior Analyst at I Know First.
Summary
- I reiterate the buy rating I gave Nokia’s stock last May 11. The stock has since risen +20% but I’m highly confident it still has more upside potential.
- Recent 5G contract wins convinced me that NOK deserves a 1-year price target of $5.30.
- NOK’s 1-month price return is +17.34%. This is thanks to the new U.S. sanctions against Huawei. Going forward, I expect this stock to have a YTD gain of +30% or more.
- Analysis of weekly technical indicators and recent moving averages produced a buy endorsement for Nokia’s stock.
- Cloud computing giants Tencent and Baidu recently chose Nokia as their supplier for optical data center interconnect or DCI networks.