Nokia Corporation (ADR) (NYSE:NOK) and Alcatel Lucent SA (ADR) (NYSE:ALU) announced that the United States Department of Justice has granted early termination of the U.S. antitrust waiting period for the combination of Nokia and Alcatel-Lucent, permitting the transaction to proceed. Early termination of the U.S. antitrust waiting period takes us one important step closer to the closing of the pending transaction.
The parties continue to make good progress with the regulatory approval processes in the remaining relevant jurisdictions, with the parties having already obtained antitrust clearances in Brazil and Serbia. Both companies will continue to cooperate with the remaining authorities to close their reviews as quickly as possible.
The transaction remains subject to approval by Nokia shareholders, Nokia holding over 50.00% of the share capital of Alcatel-Lucent on a fully diluted basis upon completion of the public exchange offer, receipt of other regulatory approvals and other customary conditions. The transaction is expected to close in the first half of 2016. (Original Source).
Shares of Nokia Corp opened today at $7.08 and are currently trading up at $7.15. NOK has a 1-year high of $8.73 and a 1-year low of $6.30. The stock’s 50-day moving average is $7.03 and its 200-day moving average is $7.50.
On the ratings front, Nokia has been the subject of a number of recent research reports. In a report issued on May 22, Oppenheimer analyst Ittai Kidron maintained a Hold rating on NOK, with a price target of $9, which implies an upside of 27.1% from current levels. Separately, on May 12, Wells Fargo’s Maynard Um maintained a Hold rating on the stock and has a price target of $7.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Ittai Kidron and Maynard Um have a total average return of 3.7% and 12.0% respectively. Kidron has a success rate of 53.0% and is ranked #908 out of 3629 analysts, while Um has a success rate of 59.3% and is ranked #425.
Overall, 7 research analysts have assigned a Hold rating and 4 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $8.60 which is 21.5% above where the stock opened today.
Nokia Oyj is a mobile communications company. The Company has three business: Networks, HERE, and Technologies and four business segments: mobile Broadband and Global Services within Networks, HERE, and Technologies.