2024
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 NOK: Rough start to a year sure to be marred by share loss and weak demand. (April 18, 2024)
NOK: Strong orders, improving profit, continued cost discipline. (January 25, 2024)
NOK: The problem isn’t licensing, it’s consumers’ anemic response to 5G. (January 3, 2024)
2023
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NOK: 5G isn’t preventing deterioration in financial performance. (October 19, 2023)
NOK: After initial deployments for coverage, 5G provides little benefit. (July 20, 2023)
NOK: Inertia prevents steep deterioration in financials but growth prospects are dim. (April 20, 2023)
NOK: Marked improvement in operations but economy undercutting prospects in 2023. (January 27, 2023)
2022
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QCOM, QRVO, SWKS, ERIC, NOK: Disappointment with 5G causing more ebbs than flows in the supply chain. (December 13, 2022)
NOK: Deteriorating macroeconomic environment outweighs incremental improvements. (October 20, 2022)
NOK: Good execution but FX benefit doesn't eclipse deteriorating economic environment. (July 21, 2022)
NOK: Near-term results strong but macro headwinds may pressure customer spending. (April 28, 2022)
NOK: With turnaround nearing completion, enterprise market moves into focus. (February 3, 2022)
NOK: Semi stocks warrant caution in 2022. (January 25, 2022)
2021
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NOK: Good management yielding positive results in volatile times. (October 28, 2021)
NOK: Expect strong 2H performance with long term more uncertain. (July 29, 2021)
NOK: Stronger-than-expected demand in U.S. likely driver of upside to FY21 targets. (July 13, 2021)
NOK: Full year guidance suggests weak 2H21. (April 29, 2021)
NOK: Share losses which knocked Nokia out of China now showing up in the U.S. (February 4, 2021)
2020
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NOK, ERIC: The slow deflation of the cellular infrastructure industry. (December 15, 2020)
NOK: Shuffling the chairs on the Titanic. (October 29, 2020)
NOK: Takeaways from Charter's 5G call with Nokia’s CTO, Marcus Weldon. (August 24, 2020)
NOK: Better results but concerns about revenue growth persist. (July 31, 2020)
NOK: Benefits of 5G muted until full SA standard released. (May 1, 2020)
NOK: Coronavirus: Large and pervasive negative impact on demand. Maintain Market Perform. (February 18, 2020)
NOK: Slow start and increased uncertainty in 2020 suggest caution. Maintain Market Perform. (February 6, 2020)
2019
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NOK: 5G: Not everyone can be a winner. Downgrade to Market Perform. (October 24, 2019)
NOK: Getting a piece of the pie. Upgrade to Buy. (July 25, 2019)
NOK: As bad as it is, is this as good as it gets? Maintain Market Perform. (April 25, 2019)
NOK: Moderating expectations of growth. Maintain Market Perform. (January 31, 2019)
2018
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NOK: More cost cuts in the long wait for 5G. Maintain Market Perform. (October 25, 2018)
NOK: Declines in core Networking business likely to continue. Maintain Market Perform. (July 26, 2018)
NOK: 5G will take care of everything unless it doesn't. Maintain Market Perform. (April 26, 2018)
NOK: Currency, cost controls, & Chinese demand are positive, but outlook muted for ’18. Maintain Market Perform. (February 5, 2018)
2017
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NOK: Early arrival of 5G price wars bodes ill for Nokia. Downgrade to Market Perform from Buy. (October 27, 2017)
NOK: Good execution supports upside in 2017 but don’t hold your breath on 5G. Upgrade to Buy from Market Perform. (July 27, 2017)
NOK: In-line performance in a difficult quarter is encouraging. Maintain Market Perform. (April 27, 2017)
NOK: Stabilizing macro environment and cost savings suggest a better year ahead. Upgrade to Market Perform. (February 13, 2017)
2016
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NOK: No easy escape from market deterioration. Maintain Market Underperform. (October 28, 2016)
NOK: Setting sights on larger synergy target won’t alleviate top-line headwinds. Maintain Market Underperform. (August 5, 2016)
NOK: Slow synergy uptake and stagnant growth add to acquisition indigestion. Maintain Market Underperform. (May 10, 2016)
NOK: Stronger headwinds to March results likely to yield break-even performance. Downgrade to Market Underperform from Market Perform. (March 2, 2016)
NOK: Cost-cuts could help, but won’t offset a weaker March period. Downgrade to Market Perform from BUY. (February 12, 2016)
2015
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NOK: Strong commitment to cost reductions and cash returns bodes well for 2016. Upgrade to BUY from Market Perform. (October 30, 2015)
NOK: Mix favors results, but larger challenges remain. Maintain Market Perform. (July 31, 2015)
NOK: Not enough demand at still too many competitors. Don’t expect much from 2015. Maintain Market Perform. (April 30, 2015)
NOK: Higher spending, slower growth likely to pressure NOK in 1H15. Downgraded to Market Perform. (January 29, 2015)
2014
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NOK: Not as good as it looks, but better than expected. Reiterate BUY rating. (October 23, 2014)
NOK: Improvements in Networks and the balance sheet bode well for 2014. Reiterate BUY rating. (July 24, 2014)
NOK: Near-term boost from divestiture will likely lead to better growth in 2015. Upgrade to BUY rating. (April 29, 2014) NOK: Preview Report. Maintain Market Perform. (April 25, 2014) NOK: Competitive environment doesn’t favor NSN in 1H14. Maintain Market Perform. (January 23, 2014) NOK: Preview: TD-LTE will likely weigh on margins near-term. Maintain Market Perform. (January 21, 2014)
2013
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NOK: Exit from mobile won’t eliminate headwinds. Maintain Market Perform. (October 30, 2013) NOK: Preview: Expect Networking fundamentals to limit NOK near-term. Maintain Market Perform. (October 28, 2013) NOK: Desperate times call for desperate measures. Maintain Market Perform. (September 3, 2013) NOK: More competition and less demand doesn’t bode well for 2013. Maintain Market Perform. (July 18, 2013) NOK: Preview: Expect another tough quarter. Maintain Market Perform. (July 15, 2013) NOK: Android is a force to be reckoned with. Maintain Market Perform. (April 18, 2013) NOK: Preview: Awaiting proof that Lumia has enough firepower to drive sales. Maintain Market Perform. (April 16, 2013) NOK: Stability in networks helps, but struggles in phones will continue. Maintain Market Perform. (January 24, 2013) NOK: Preview: NOK will run out of steam without an upside surprise. Maintain Market Perform. (January 23, 2013) NOK: The stock has room to run, but competition warrants caution. Upgrade to Market Perform. (January 10, 2013)
2012
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NOK: Cost cuts are encouraging, but can’t stem competition or spur growth. Maintain Market Underperform. (October 18, 2012) NOK: Preview: Competition will limit Lumia’s success near-term. Maintain Market Underperform. (October 15, 2012) NOK: Ability to buy market share will be short-lived. Maintain Market Underperform. (July 19, 2012) NOK: Preview: Expect larger losses and a long road to sustained improvement. Maintain Market Underperform. (July 17, 2012) NOK: Without a revolutionary ecosystem, market share will continue to erode. Maintain Market Underperform. (June 14, 2012) NOK: Expensive at $4, the worst is still ahead. Maintain Market Underperform. (April 19, 2012) NOK: Preview: Fierce competition will prolong Nokia's decline. Maintain Market Underperform. (April 18, 2012) NOK: Problems will accelerate transition between AVGO, SWKS and RFMD. Maintain Market Underperform. (April 11, 2012) NOK: March period will be tough, but a decent start to a long journey. Maintain Market Underperform. (January 26, 2012) NOK: Preview: Transition to smartphones underway, but troubles are far from over. Maintain Market Underperform. (January 24, 2012)
2011
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NOK: Buying time with price concessions. Maintain Market Underperform. (October 20, 2011) NOK: Preview: Until progress is made in smartphones we remain cautious on the stock. Maintain Market Underperform. (October 19, 2011) NOK: Units may improve, but margins will decline. Maintain Market Underperform. (July 21, 2011) NOK: Preview: Expect weak quarter, anemic guidance and more share loss. Maintain Market Underperform. (July 19, 2011) NOK: The slope in phones is getting slippery, expect losses. Maintain Market Underperform. (June 1, 2011) NOK: Inventory build boosts results, but lower units, share and ASP on the way. Maintain Market Underperform. (April 21, 2011) NOK: Preview: Expect a bad start to an even worse year. Maintain Market Underperform. (April 19, 2011) NOK: Microsoft: Easy choice for Elop, difficult for Nokia. Downgrade to Market Underperform. (February 11, 2011) NOK: Recovery measured in years even with Android. Maintain Market Perform. (January 27, 2011) NOK: Preview: Improving low-end sales little solace to investors looking for smartphone strength. (January 25, 2011)
2010
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NOK: FX helps, but shortages and delays will continue into 1H11. Maintain Market Perform. (October 21, 2010) NOK: Preview: Market growth and Symbian^3 should lead to improved results and outlook. Maintain Market Perform. (October 19, 2010) NOK: Handicapping Elop and the likelihood of a quick turn-around at Nokia. Upgrade to Market Perform. (October 10, 2010) NOK: Declines in share and ASP betray unrealistic guidance. Maintain Market Underperform. (July 22, 2010) NOK: Preview: Nokia remains troubled while Android vendors see improvement. Maintain Market Underperform. (July 21, 2010) NOK: Finding the bottom in Nokia. Downgrade to Market Underperform. (June 16, 2010) NOK: Margin outlook slips as turnaround gets pushed out to the end of the year. Maintain BUY rating. (April 22, 2010) NOK: Preview: Handset outlook improving for large OEMs while infrastructure remains troubled. Maintain BUY rating. (April 13, 2010) NOK: Increasing demand, price war in smartphones and improved mix bode well for NOK. Upgrade to BUY rating. (April 9, 2010) NOK: Increased competition favors Nokia but turnaround will be uneven. (January 28, 2010) NOK: Preview: Next battle in smartphone wars will be cost control. (January 20, 2010)
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