NewsDJ MARKET TALK: Nokia Margin Target Cut Warranted - Dresdner
11/20/06 - Dow Jones Newswires
1141 GMT [Dow Jones]--Dresdner Kleinwort says a 200 basis point cut of Nokia's (NOK) 17% operating margin target is warranted. Says "the sliding trend (in operating margin), compounded by startup costs and consolidation of Siemens' (SI) networks, suggests a more tempered tone" at Nokia's analyst meeting in Amsterdam on November 28, than when the target was set in 04. Says "that the margin expansion plan is misfiring was detected already last year, which saw a further diminution (90bps) to 13.6%." Keeps at sell with EUR10.80 target. Trades -0.5% at SEK15.44.(MAK)
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(END) Dow Jones Newswires
November 20, 2006 06:41 ET (11:41 GMT)
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