NOK - from RDI
Nokia's shares declined 1.29 percent to close at $6.14 a share on Thursday. The stock traded between $6.11 and $6.18 on volume 14.17 million shares traded. The company has revealed that it is expecting to save 1.2 billion euros by the end of fiscal 2018 as well as save 250 million euros in the first quarter of 2017. Last year the company had saved 550 million euros. In another positive note, the stock has received a reiterated "outperform" rating from Credit Suisse's Kulbinder Garcha. Garcha has a $5.75 price target on the stock. The reiterated rating came after Nokia's announcement that it has signed a deal with Xiaomi, a Chinese privately held mobile technology upstart, to license one another's patents over the course of the next few years. Garcha noted "this is the first patent deal for Nokia in China," and that it "clearly shows that Nokia continues to make progress in signing patents with smartphone vendors."
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