Nokia restructure: Analysts optimistic, while Moody’s downgrades bonds

Leading analysts at Citigroup and Oppenheimer have upgraded their assessment of Nokia’s stock following the announcement of a major restructure including 10,000 job cuts, but ratings agency Moody’s has downgraded the company’s bond rating.

According to AP, Oppenheimer analyst Ittai Kidron has upgraded the company to “Perform” from “Underperform,” while Citigroup has upgraded the company to “Neutral” from “Sell”.

However, ratings agency Moody’s has lowered the company’s long-term senior unsecured ratings to Ba1 from Baa3.

The news comes after Nokia announced a major restructure that includes 10,000 job cuts and the abandonment of any further development on its Meltemi and Meego platforms.