Ny analys av Nokia av Inderes analytiker Atte Riikola 
We reiterate our Reduce recommendation for Nokia but revise our target price to EUR 3.3 (was 3.1 EUR). We believe that the bid for Infinera and the sale of ASN, the submarine network business, are strategically sound moves and strengthen Network Infrastructure’s position as Nokia’s most valuable network business. However, the price paid for Infinera is high relative to the company’s current profitability, and value creation requires the realization of targeted synergies, for which the growing scale of the Optical Networks business provides a good basis. However, the transaction does not completely change the big picture around Nokia, and we believe that the weak earnings outlook for Mobile Networks in the coming years will continue to weigh on Nokia’s acceptable valuation level.