Oppenheimer analyst Ittai Kidron was out today with a favorable report on Nokia Corp (ADR) (NYSE:NOK), reiterating an Outperform rating with an $8.00 price target, which represents a close to 39% increase from where the stock is currently trading. Kidron continues to see long-term positives for NOK as management’s execution strength optimizes restructuring efforts and potential cross product segment development synergies.

“We’re incrementally positive on management’s ability to rationalize combined Nokia/ ALU expenses (current target of ~€1.2B in savings) while positioning the company to deliver product portfolio synergies longer term given cross-segment leadership. In our view the shares likely remain range-bound near term given the lack of a strong market catalyst (tough spending environment/macro uncertainties), but sentiment could gradually improve following Nokia’s November Capital Markets Day as better visibility into longer-term drivers and its margin profile crystallize. We’d also look for updates on capital allocation objectives and IP roadmap/potential. Overall, we continue to believe upside is possible longer term.”

According to TipRanks, which measures analysts’ and bloggers’ success rate based on how their calls perform, one-star analyst Ittai Kidron is ranked #3,481 out of 4,121 analysts. Kidron has a 50% success rate and loses 1.2% in his annual returns. When recommending NOK, Kidron faces a loss of 7.5% in average profits on the stock.

TipRanks analytics exhibit NOK as a Strong Buy. Of the analysts polled by TipRanks in the last 3 months, 90% rate a Buy, while 10% maintain a Hold. The average price target is $7.31, marking a nearly 27% upside from where the shares last closed.

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Oppenheimer Continues to See Long-Term Positives on Nokia Corp (ADR) (NOK)