Nokia price target lowered to $6 from $7 at Northland

Northland analyst Tim Savageaux lowered the firm’s price target on Nokia (NOK) to $6 from $7 and keeps an Outperform rating on the shares. The firm has lowered its calendar 2023 estimates based on the company’s reduction in its 2023 revenue and operating margin guidance, with the company citing a pushout of projects into 2024 at North American carrier customers along with continuing inventory and supply impacts. The firm notes that it sees “some disconnect in end demand trends,” highlighting positive commentary from short cycle suppliers such as Viavi (VIAV), which first noted carrier spend weakness back in October.