“Shares of Microsoft have been under pressure this morning, and one thing appearing to contribute to downturn are rumors the company would step in to purchase Nokia for $19 billion,” Tiernan Ray reports for Barron’s.
“A Nokia spokesperson, however, tells The Wall Street Journal’s Christopher Lawton a short while ago that, ‘These rumors are completely baseless,'” Ray reports. “Well, at least one believer this morning is Brian White with Ticonderoga Securities, who follows Apple (AAPL) and has a Buy rating and a $612 price target on that stock.”
Ray reports, “‘We believe reports from Boy Genius highlighting the potential for a Microsoft purchase of Nokia for $19 billion should provide Apple investors with even greater confidence that the company can continue to gain market share at the expense of legacy vendors in the mobile phone market,’ writes White. ‘In our view, Apple investors could not ask for a better deal, and we believe a transaction would only further Apple’s market share gains in the coming quarters.'”
Read more in the full article here.
[Thanks to MacDailyNews Reader “sleiii” for the heads up.]