The target price for Nokia's American Depositary Receipts in the report of $15 corresponds to SEK 147, which can be compared with the current share price of SEK 105.50.
In the report, the analysts point to a trend of rising gross margin and strong cash flow for Nokia.
"The market continues to undervalue Nokia as a volatile wireless technology provider, missing a structural shift in product mix towards fast-growing network architecture," writes B Riley Securities.
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