Nokia upgraded to Buy from Hold at Jefferies

Jefferies analyst Janardan Menon upgraded Nokia (NOK) to Buy from Hold with a price target of EUR 6.60, up from EUR 4.50. The firm says Nokia is transforming from a radio access-centric business “struggling for growth,” to one where rising artificial intelligence data center exposure of the optical and intellectual property networking segments should “drive steady growth,” the analyst tells investors in a research note. Jefferies believes the company’s gross margin profile is also rising, which should re-rate the stock’s valuation.