Shares of Nokia (NOK) and Blackberry (BB) are up 7% and 5% respectively while GameStop (GME) is down a whopping 25%. Most traders think that the hedge funds is winning the fight, therefore selling GME stock for NOK or BB stock long term.
Traders are exiting the “game” stock and entering more serious stocks with their gains. For the people involved in GameStop or AMC, the recent share surges may be life-changing.
Nokia NOK stock gets upgrade because of ERIC revenue beat
Swedish telecoms giant Ericsson (ERIC) posted such good earnings last week that optimism has spread to Nokia, which received an upgrade on Monday from Norway’s largest investment bank.
DNB Markets upgraded Finland’s Nokia to buy from sell and raised the target price on the stock from $4.83 to $5.79.
Analyst Frank Maao said the share price has come down after the retail frenzy last week, the read-across from Ericsson’s fourth quarter suggests there is 5G cycle strength in Northeast Asia excluding China, the capital markets day in March could be another catalyst and there could be increasing order momentum from those looking to diversify away from Chinese gear. Nokia shares rose nearly 8% in premarket trade.