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Nokia (NOKIA) shares fall 3% on Goldman Sachs rating cut

  • Analysts downgrade to Sell amid growing downside risks and competition
  • Nokia shares have outperformed broader European tech sector this year

Finnish telecoms giant Nokia (HEL: NOKIA) was trading 3% lower on Monday after Goldman poured cold water on its short term prospects amid growing competition from rivals Ericsson and Samsung. Analysts Alexander Duval and Hameed Awan lowered the company’s rating to Sell from Neutral and noted investors may be have been too optimistic about Nokia in 2019. They added: We believe there is scope for further downside to consensus, as our new estimates now factor in lower network revenues, a more conservative margin trajectory and more muted growth in the highly profitable patents business.”