Jefferies analyst Janardan Menon last night downgraded Nokia (NOK) to Hold from Buy with a price target of EUR 3, down from EUR 4.10. AT&T‘s (T) decision to choose Ericsson (ERIC) for its major Open RAN deployment is expected to inflect the vendor’s networks business to growth and margin expansion from 2024 onwards, the analyst tells investors in a research note. For Nokia, however, the loss of AT&T revenue pushes out the improvement in mobile networks growth and profitability, says the firm. Jeffries consequently upgraded Ericsson to Buy and downgraded Nokia to Hold.
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