Nokia Corporation (ADR) (NYSE:NOK) announced that it has obtained clearance from the Committee on Foreign Investment in the United States (“CFIUS”) for its proposed acquisition of Alcatel-Lucent. With the conclusion of the CFIUS process and the previously announced antitrust clearance by the U.S. Department of Justice, the companies have received the required regulatory approvals for the proposed transaction in the United States.
Both companies will continue to work closely with the few remaining antitrust authorities in the relevant jurisdictions to conclude their regulatory reviews as quickly as possible. The proposed 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 the remaining regulatory approvals and other customary conditions. The proposed transaction is expected to close in the first half of 2016. (Original Source)
Shares of Nokia closed last Friday at $6.51. NOK has a 1-year high of $8.73 and a 1-year low of $5.71. The stock’s 50-day moving average is $6.51 and its 200-day moving average is $7.05.
On the ratings front, Nokia has been the subject of a number of recent research reports. In a report released today, Goldman Sachs analyst Alexander Duval upgraded NOK to Buy. Separately, on August 3, Wells Fargo’s Maynard Um maintained a Hold rating on the stock .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Alexander Duval and Maynard Um have a total average return of -40.7% and 10.5% respectively. Duval has a success rate of 42.9% and is ranked #3663 out of 3755 analysts, while Um has a success rate of 57.6% and is ranked #409.
The street is mostly Bullish on NOK stock. Out of 5 analysts who cover the stock, 3 suggest a Buy rating , 1 suggest a Sell and one recommends to Hold the stock. The 12-month average price target assigned to the stock is $10.00, which represents a potential upside of 53.6% from where the stock is currently trading.
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.
