Nokia Corporation (Nokia) reported robust 4Q 09 results, beating our and consensus estimates. Moreover, Management has reiterated its previous full year guidance. In view of these factors we maintain our current BUY rating for the company. We will reassess the common stock rating and target price for Nokia in our 4Q 09 & FY 2009 update report. We anticipate a positive currency impact on the ADR over our investment horizon. In view of this and our fundamental outlook we maintain our current BUY rating for the ADR. We will reassess the ADR rating and target price for Nokia in our 4Q 09 & FY 2009 update report.

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