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Technology Stocks : Nokia (NOK)
NOK 6.070-1.5%Dec 5 9:30 AM EST
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To: Eric L who wrote (9692)3/6/2001 10:12:39 AM
From: Caxton Rhodes   of 34857
 
NOKIA (NOK): On Feb. 23, analysts at Goldman Sachs lowered their recommendation on the ADRs of the Finnish mobile-handset maker to Market Outperformer from Recommended List. The firm also reduced its 2001 and 2002 EPS estimates by 7% and dropped its price target for the ADRs to $32 from $45.

Two specific factors dog the company. The worldwide slowdown in new wireless-services subscriptions and sluggishness in the handset-replacement market likely will have a negative impact on NOKIA's financials. Also, sectorwide weakness in wireless stocks may reduce the company's financial ability to continue 3G network buildouts. Although the analysts believe NOKIA's management is capable of exploiting the opportunities that exist for handset providers, the company doubtless will be affected by this trend.

As a result, 2001 and 2002 EPS estimates have been reduced to $0.80 from $0.86 and $1.03 from $1.11, respectively. Also, Goldman Sachs reduced its projected global handset numbers from 500 million to 460 million units. The analysts write that while the firm retains the view that NOKIA is well positioned to gain further share in the handset market and in mobile infrastructure, short-term visibility for the company is limited, which increases the risk of earnings disappointments. The ADRs closed at $22 on Feb. 28. Research about NOKIA was accessed 2740 times, and 90 new reports were added to the Multex.com database during the week of Feb. 19 to 25.

thetelecommanalyst.com
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