The firm has a $6.30 price target on the stock.
Nokia "is about to enter its most intensive cost-cutting phase and management has historically shown itself adept at delivering efficiencies," Goldman Sachs wrote in an analyst note cited by Barron's. This should help profits increase in the upcoming months.
The company has an edge over competitors due to its fixed and wireless offers, the firm added. Its research and development budget has grown ahead of the transition to 5G, positioning the company well to dominate the market.
Shares of Nokia have dropped about 27% this year.
Separately, TheStreet Ratings rated this stock as a "hold" with a ratings score of C.
The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, TheStreet ratings also finds weaknesses including a generally disappointing performance in the stock itself, feeble growth in the company's earnings per share and deteriorating net income.
You can view the full analysis from the report here: NOK
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.