Benzinga | Jul 13, 2021 08:40AM EDT

Nokia Likely To Increase FY21 Financial Guidance

* Nokia Oyj (NYSE:NOK) plans to raise its FY21 financial guidance due to continued strength in its Q2 business.

* It plans to elaborate on the Q2 and half-year financial performance and updated FY21 guidance on July 29, 2021.

* The prior FY21 net sales guidance lay between (euro)20.6 billion and (euro)21.8 billion. The analysts' consensus for net sales is $25.67 billion.

* Nokia beat both the Q1 revenue and EPS consensus.

* Meanwhile, Nokia said it continues to expect some headwinds in the second half of the year.

* On Monday, Barclays analyst Andrew Gardiner raised the price target on Nokia to EUR 4.50 from EUR 4.25, implying a 3.3% downside, and reiterated an Equal Weight rating.

* Price action: NOK shares traded higher by 7.26% at $5.75 in the premarket session on the last check Tuesday.