NEW YORK (TheStreet) -- Shares of Nokia (NOK) are falling 1.36% to $7.24 in Friday's morning trading after the company's CEO Rajeev Suri said while the mapping unit HERE had attracted "significant interest," the Finnish telecoms giant is waiting for higher bids, The Wall Street Journal reported.
Suri said the company is giving it more time, according to European Communications.
"We may not end up selling it if we don't get the right value," he added. "It has to be a good competitive deal for Nokia and our shareholders."
Many companies are reportedly teaming up to bid for HERE, as there were reports that Uber Technologies is joining China's largest search engine Baidu Technologies (BIDU) and Apax Partners to pursue the mapping unit, Bloomberg reported.
HERE is Nokia's map business unit that captures content such as road networks, buildings, parks and traffic patterns. The map unit supplies digital mapping software to car navigation systems and to portable devices such as smartphones users so they can navigate easily.
TheStreet Ratings team rates NOKIA CORP as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate NOKIA CORP (NOK) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its compelling growth in net income, notable return on equity, reasonable valuation levels, largely solid financial position with reasonable debt levels by most measures and impressive record of earnings per share growth. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself."