BofA lowered the firm’s price target on Nokia (NOK) to $6.57 from $8.07 and keeps a Neutral rating on the shares after the company hosted its Capital Markets Day in New York. While the the CMD was overall in line with the firm’s preview from a strategy perspective, financial targets for Network Infrastructure sales compound annual growth of 6%-8% by 2029 and operating margins of 13-17% were “somewhat underwhelming,” the analyst tells investors. Following the event, the firm cut the multiple it assumes in its sum of the parts analysis for the NI and Mobile Networks segments, the analyst noted.
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