Analyst Note
| Brian Colello, CPA |Nokia executed well in an expected tough second quarter and raised its full-year guidance. COVID-19 delayed implementation and other services, while a favorable product and geographic mix helped lessen the impact to the bottom line. While the firm is gently raising its 2020 guidance, we are holding steady in our long-term expectations for the Nordic telecom giant. We maintain our $5.10 (EUR 4.60) fair value estimate for no-moat Nokia, and we view shares as modestly undervalued.