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Merrill Lynch Cites Apple Inc. (AAPL) IPR as a Catalyst for Nokia Corp (ADR) (NOK)

Merrill Lynch analyst Kai Korschelt reiterated a Buy rating on shares of Nokia Corp (ADR) (NYSE:NOK), with a price target of $6.00. Korschelt noted more modest investor expectations for IPR agreements following the disappointing Samsung IPR outcome. Though these hopes were once loftier for what now the analyst considers as a subdued “part of the Nokia story,” the analyst remains positive on the Apple Inc. (NASDAQ:AAPL) licensing renewal anticipated to come to pass by the end of this year.

Korschelt noted, “Consensus seems to bake in an Apple renewal at a conservative 22bps royalty rate of iPhone revenues. We expect a slightly higher rate (25bps) and see 4-8% upside to...


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