Nokia Corp. (NOK) Message Board

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Technology Stocks : Nokia Corp. (NOK)

NOK 6.550

-0.9%

Jan 16 9:30 AM EST

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To: slacker711 who wrote (1906)	1/18/2002 2:34:19 PM
From: Eric L	Read Replies (2) of 9255

re: WR Hambrecht + Co on NOK The 42 page research report by Peter Friedland referred to in this article can be downloaded here: wrhambrecht.com This is a pretty comprehensive report with excellent exhibits and pictures and descriptions of Nokia's current product range . It addresses the industry as a whole, not jus Nokia, and I consider it a worthwhile read. >> WR Hambrecht + Co Initiates Coverage of Nokia (NOK) With a Neutral Rating And $23 Target January 18, 2002 PRNewswire WR Hambrecht + Co today initiated research coverage on Nokia NOK with a Neutral rating and a price target of $23. WR Hambrecht's Wireless analyst Peter Friedland cites the expectation for lackluster growth in Nokia's core handset business coupled with his view that the stock is fairly valued. WR Hambrecht + Co offers all its research reports free and real time www.wrhambrecht.com "Despite that Nokia is the leading wireless handset vendor with 34% market share, we expect only 5% growth in 2002 global wireless handset unit sales" says Friedland. "Moreover, based on our historical P/E analysis, we arrive at an implied valuation of $19-24 per share, which suggests that NOK shares are fairly valued at current levels." WR Hambrecht expects Nokia to report revenue of $28.7 billion and earnings per share of $0.68 for 2002 and revenue of $30.5 billion and earnings per share of $0.74 for 2003. Nokia Corporation manufactures wireless handsets and supplies wireless infrastructure equipment to wireless carriers worldwide. << - Eric -

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