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Merrill cuts Nokia to 'neutral'
HELSINKI, June 13 (Reuters) - Merrill Lynch on Wednesday cut its rating for shares in Finnish telecom equipment maker Nokia to near-term "neutral" from "accumulate" following the firm's profit-warning on Tuesday. It maintained a long-term "buy" rating for the share. Merrill cut its 2001 earnings per share estimates by 20 percent to 0.72 euros, and slashed its 2002 EPS forecasts by 28 percent to 0.80 euros for Nokia after the shock warning. Its downgrade follows a slew of ratings changes for Nokia. Goldman Sachs cut its price target for Nokia to 31 euros from 40 and its earnings per share (EPS) forecasts for the company in 2001 by 18 percent. Analysts at the investment bank cut their 2002 EPS estimate by 26 percent, but repeated their "market outperform" rating. Lehman Brothers cut its price target for the telecoms equipment maker to $33 from $38 Note: Search results will open in a new browser window
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