The Nokia logo is displayed at the Nokia pavillon during day four of the Mobile World Congress at the Fira Gran Via complex in Barcelona, Spain on February 25, 2016.
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The drop in Nokia's stock is overdone and most of the bad news is behind the company, CLSA told clients on Wednesday.
"If you are looking for revenue growth, stop reading. But if you're looking for a bombed-out stock with a reasonable valuation, solid management, strong balance sheet, a lot of bad news behind it, and significant optionality, read on," CLSA analyst Avi Silver wrote in a research note. Silver upgraded the stock to outperform from underperform.
