Nokia Corp (ADR) (NYSE:NOK) announced that it has closed the acquisition of Withings S.A. earlier than had been expected. Through this acquisition, originally announced on April 26, 2016, Nokia Technologies has established a new Digital Health business unit led by Cédric Hutchings, formerly CEO of Withings, who reports to Ramzi Haidamus, president of Nokia Technologies.
The Digital Health business unit combines the talented employees from Withings and experts from the preventive health and patient care teams in Nokia Technologies. The new business unit builds on the pioneering work of Withings, offering a family of award-winning digital health products designed to fit seamlessly into people’s lives, empowering them to make smarter decisions about the health and wellbeing of themselves and their families. The product line includes activity trackers, smart body analyzer scales, thermometers, blood pressure monitors, home and baby monitors and more, built on a sophisticated digital health platform. Together, under Cédric’s leadership, the Digital Health team will continue to design smarter products for healthy living.
“This is the beginning of an exciting new chapter in the history of Nokia Technologies as we extend our product portfolio to include a series of powerful digital health technologies,” said Ramzi Haidamus, president, Nokia Technologies. “The Nokia brand is synonymous with innovation, connectivity and consumer technology and the acquisition of Withings puts us in a perfect position to capitalize on the huge opportunity in the health space. We’re excited to welcome the Withings team to the Nokia family.”
On June 9, Nokia Technologies will be hosting an invitation only event in San Francisco to share its vision for digital health and showcase its products, coinciding with the opening of its San Francisco office, in the heart of the Bay Area. (Original Source)
Shares of Nokia are currently trading $5.70, up $0.10 or 1.70%. NOK has a 1-year high of $7.63 and a 1-year low of $5.08. The stock’s 50-day moving average is $5.69 and its 200-day moving average is $6.38.
On the ratings front, Nokia has been the subject of a number of recent research reports. In a report issued on May 25, CLSA analyst Avi Silver upgraded NOK to Buy, with a price target of $6.25, which implies an upside of 10.2% from current levels. Separately, on May 15, Canaccord Genuity’s Michael Walkley reiterated a Buy 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, Avi Silver and Michael Walkley have a total average return of 13.8% and 14.5% respectively. Silver has a success rate of 73.3% and is ranked #706 out of 3891 analysts, while Walkley has a success rate of 58.9% and is ranked #25.
The street is mostly Bullish on NOK stock. Out of 11 analysts who cover the stock, 8 suggest a Buy rating and 3 recommend to Hold the stock. The 12-month average price target assigned to the stock is $6.84, which implies an upside of 20.6% from current levels.
Nokia Oyj provides network infrastructure, technology and software services. It operates through the following segments: Mobile Broadband, Global Services, and Nokia Technologies. The Mobile Broadband segment engages in the provision of flexible network solutions for mobile voice and data services through its Radio and Core business lines. The Global Services segment provides mobile operators with services to create and maintain effective networks.