We raise our 12-month target by $0.50 to $5.50, 19.6X our '17 earnings per ADS estimate of $0.28. This multiple is a discount to its five-year forward average P/E of 25.0X, reflecting the challenging market environment. We set our '18 earnings per ADS estimate at $0.33. NOK reported Q4 EPS of $0.13 vs $0.17, $0.05 above the Capital IQ consensus. Top-line remained weak but was broadly in line with market expectations. NOK expects further network sales declines in '17, but we think the pace of deterioration will moderate on stabilizing telco capex trends in the U.S. and Europe.