Make it seven straight. Nokia (NYSE: NOK) has reeled off a winning streak that has seen its shares rise every day thus far in September. The surge comes amid a pair of analyst upgrades and a change in the corner office. The rebound is also due to the fact that this unloved stock had become so cheap that it had nowhere to go but up. As I wrote last month: “shares have fallen so far, and the company’s balance sheet is so strong,… Read More
Make it seven straight. Nokia (NYSE: NOK) has reeled off a winning streak that has seen its shares rise every day thus far in September. The surge comes amid a pair of analyst upgrades and a change in the corner office. The rebound is also due to the fact that this unloved stock had become so cheap that it had nowhere to go but up. As I wrote last month: “shares have fallen so far, and the company’s balance sheet is so strong, that any further share price weakness looks unlikely.” [Read: 3 Stocks That Can Survive a Bear Market ] But is this just a head fake, or are shares really on the road to recovery? Let’s take a look. It can’t get worse Both Morgan Stanley (U.K.) and Merrill Lynch boosted their rating on Nokia this week with a fairly unusual investment thesis: business is so lousy and expectations for a rebound are so low that any positive news would be a real surprise. Morgan Stanley notes that Nokia’s latest line of smart… Read More