Shares in Nokia fell up to 8% in Wednesday trade on concerns that the Finnish company was losing the business of its key client Verizon in the United States.
Nokia, battling with China’s Huawei and Sweden’s Ericsson, is trying to strengthen its 5G slate and looking especially to deployment by U.S. telecom companies for growth.
JP Morgan downgraded Nokia to neutral” from overweight, citing a potential loss of business with Verizon.
JPM in a note said they believe that there is a real risk Verizon will depend less on Nokia as their primary RAN (radio access network) supplier going forward, adding there were signs Verizon was using Samsung.
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