Tomorrow morning before market open, Nokia Corp (ADR) (NYSE:NOK) is set to deliver second-quarter results. Ahead of this, BMO Capital analyst Tim Long reiterates a Buy and suggests a price target of $7.00, marking an almost 24% increase from where the shares last closed.

For 2016, Long estimates Nokia will come in with 0.18 euros in earnings per share, seeing an increase by 2017 with 0.31 euros, which is consistent with the Street’s EPS projections. However, Long acknowledges that for June quarter revenue, his estimate falls a significant 200 million euros beneath consensus. The analyst believes it will be a challenge for Nokia to meet such high expectations.

Long explains, “Given our prior expectations for a difficult operator capex year, the weakness at Ericsson, and similar commentary on weaker carrier spending among other equipment providers, we expect it to be challenging to meet Street expectations for Networks. However, we do see upside to our Technologies estimates for the second half of the year following the mid-July announcement of an expanded patent licensing agreement with Samsung.”

As usual, we like to include the analyst’s track record when reporting on new analyst notes to give a perspective on the effect it has on stock performance. According to TipRanks, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Tim Long has earned a high success rate of 53% and gains 4.9% in profits in his yearly returns. However, the analyst also loses 22.4% when recommending NOK shares. Long is ranked #725 out of 4,071 analysts and has a four star rating.

TipRanks analytics exhibit Nokia Corp as a Buy. Based on 10 analyst ratings in the last 3 months, 7 rate Buy with 3 maintaining a Hold. The consensus price target stands at $6.64, marking a nearly 19% upside from where NOK shares last closed.

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