Nokia (NYSE:NOK) stock is on the move Monday after Goldman Sachs changed its stance on the tech company’s shares with a new rating.
Goldman Sachs analyst Alexander Duval downgraded shares of NOK stock from a “buy” rating to a “neutral” rating today. To add some perspective, the analyst consensus rating for NOK shares is hold based on seven opinions.
In addition to that downgrade, the Goldman Sachs analyst also lowered the firm’s price target for NOK stock from $5.10 to $3.40. That still represents a potential upside of 4.3% for the shares. However, it’s below the analyst consensus price prediction of $5.06 per share.
What’s Behind the NOK Stock Downgrade?
Here’s what Duval said about Nokia stock in a note to clients obtained by Seeking Alpha:
“While we believe we were correct historically to identify that Nokia had made some progress in improving its wireless portfolio, we are now less confident on their ability to win back as much share based on product improvement given the AT&T loss.”
With today’s news comes a nearly 1% drop for NOK stock as of Monday morning. That movement comes alongside 1.7 million shares changing hands with the company’s daily average being 18 million shares.
Investors searching for even more of the hottest stock market stories to read about today are in the right place!
We have all of the most recent stock market coverage that traders need to know about on Monday! A few examples include why shares of Nio (NYSE:NIO), Adobe (NASDAQ:ADBE) and Minerva Surgical (NASDAQ:UTRS) stock are on the move today. You can catch up on all of these matters by checking out the links below!
More Stock Market News for Monday
- NIO Stock Alert: Nio Surges on a $2.2 Billion Investment
- ADBE Stock Alert: Adobe and Figma Terminate Merger Agreement
- Why Is Minerva Surgical (UTRS) Stock Down 50% Today?
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
