Canaccord Genuity analysts raised Nokia Corporation (ADR) (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) price target from $10.25 to $11.00 in a research note issued on Tuesday. Their price objective indicates a potential upside of 40.31% from the company’s current price.

Nokia

Declining short interest in Nokia

During the month of April, there was a decline in short interest in Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V). As of April 30, total short interest was about 24. 7 million shares, a decline of 11.1% from the April 15 total of about 27.8 million shares. Nokia has announced a special dividend which is scheduled for Wednesday, July 9. Shareholders on record on Monday, June 23 will be paid a dividend of 35.91 cents per share. This represents a dividend yield of 2.04%. The ex-dividend date is Thursday, June 19.

The Finnish phone maker posted its latest earnings results on April 29. Earnings per share came in at 3 cents, below the analysts’ estimate of 4 cents per share but above last year’s losses of 2 cents per share. Revenue for the company came in at $2.66 billion for the quarter, a decline of 54.5% from the same quarter last year. On average, analysts expect Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) to post earnings per share of 31 cents for the current fiscal year.

Opportunities in IP royalties

Last week, analysts at Jefferies noted that Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) has plenty of opportunities for IP royalties. The company recently appointed a new president for its Technologies unit, which reflects the  company’s aggressive approach. Technologies revenue, according to Nokia, will come in at €600 million in the 2014 fiscal year, which includes new royalties from Microsoft Corporation (NASDAQ:MSFT). There could be some rate increment due to continued negotiations with Samsung Electronics Co., Ltd. (LON:BC94) (KRX:005930) and other vendors.

Analysts from other agencies have also assigned ratings to the stock. Deutsche Bank analysts upgraded Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) from a Hold  to a Buy rating in a research note on May 21. They have assigned a price target of $10.12. Jefferies analysts have raised their rating on the stock from Hold to Buy rating in a research note to investors on May 21. Zacks analysts have maintained their Buy rating on the stock with a price target of $8.75. Overall, the stock has a consensus rating of Hold and an average target price of $11.82.