Nokia NOK, -2.77% NOKIA, +1.91% was upgraded to buy from neutral at Citi in a note that argues its improving fundamentals are being ignored by the market. Its price target was increased to €6.50 ($6.80) from €6. “The mobile infrastructure market is showing strong momentum, particularly so in Nokia’s key U.S. market, and Nokia’s decade-long share losses have ceased and are showing signs of improvement,” said analyst Andrew Gardiner, who said he’s confident it’ll achieve 2022 margins near the top of its 11% to 13.5% range. Nokia’s U.S.-listed shares have dropped 27% this year.
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