Nokia Jumps on Price Target Increase, Verizon Rises on Dropped Lawsuit

NEW YORK (TheStreet) -- Nokia (NOK) jumped Thursday after it received a price target increase from RBC Capital Markets. Verizon Communications (VZ) edged higher after Cablevision Systems (CVC) dropped its advertising lawsuit against the carrier.

Nokia jumped 2.1% to close at $7.27.

Nokia climbed after RBC Capital Markets raised its price target to $8 a share from $7. In raising the price target, RBC analysts noted the company is gaining significant interest from prospective buyers for its HERE mapping unit business.

Some of the interested buyers included automotive manufacturers, as well as location technology companies. Other things that RBC analysts liked about Nokia included more than 60 licensees for Nokia's 2G, 3G and 4G mobile communication technologies. Nokia divested its Devices & Services business to Microsoft in 2014.


Verizon Communications rose 1% to finish the day at $47.75.

Verizon's stock lifted following Cablevision dropping its lawsuit against the carrier, in which it had asked the court to rule that its advertising campaign against Verizon was indeed truthful, according to a Reuters report. Cablevision claimed that Verizon failed to use fiber optic cable in its FiOS service.  

Although Cablevision dropped its lawsuit, it still reserves the right to later pursue the case, according to Reuters. Cablevision shares closed at $24.44, up 0.6%.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.

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