Nokia Focus: the market is questioning the price
optimistic and pessimistic alternatives on the market today to the Finnish group Nokia which yesterday confirmed its estimates of growth in the next year. UBS Warburg reiterated its assessment of the buy and raised its price target on Title 25 to 31 euros a share. More moderate but Morgan Stanley and Goldman Sachs as having “fair price” 27 euros, respectively, with a rating of Neutral and market outperfom. Credit Suisse First Boston expressed concern about the fourth quarter for Nokia, but reiterates its strong buy rating, saying the company is still well positioned. The home business has increased its estimated earnings per share of the company for 2002 and 2003 respectively to 0.73 and 0.87 euros a share. Morgan Stanley has some reservations on the first part of next year, saying that the second half of 2002 could still be a challenge for society. Analysts at Aurel-Leven reiterated this morning their opinion of “buy” on the title. Nokia, analysts said the French should reach a target price of 29 euros, mainly driven by forecasts of a resumption of the mobile phone market in 2002.