Nokia Oyj

NOK · NASDAQ

$7.88−$1.37 (−14.81%)TodayMarket closed · Oct 22, 4:05 PM ET

Prev close $9.25

NOK analyst rating

BuyConsensus of 6 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy6
Hold0
Underperform0
Sell0

12-month price target · 28 analysts

Average $11.34 (+43.9% upside)

Low: $5.30
Now: $7.88
High: $18.95

Upgrades and downgrades

The latest rating actions, newest first

NOK analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
B. Riley Securities	Sep 17, 2026	Initiates	Buy	$15.00	61%
Rosenblatt	Sep 15, 2026	Initiates	Buy	$15.00	55%
JP Morgan	Jun 12, 2026	Maintains	Overweight	$14.00 → $21.00	74%
Argus Research	Apr 27, 2026	Upgrade	Hold → Buy	$15.00	61%
Morgan Stanley	Feb 9, 2026	Initiates	Overweight	$8.00	50%
JP Morgan	Dec 1, 2025	Maintains	Overweight	$7.10 → $8.00	74%
Jefferies	Oct 28, 2025	Upgrade	Hold → Buy	—	33%
JP Morgan	Oct 24, 2025	Maintains	Overweight	$6.00 → $7.10	74%

The case for and against

Updated Nov 29, 2024

Bull case

Nokia has demonstrated significant revenue growth in its network infrastructure segment, with notable increases such as a 26% sequential growth and a 90% year-over-year increase in revenues related to customer traction with major clients like FYBR and GOOG. The company is targeting net income growth rates in the mid-single digits across its Access, IP, and Optical segments, indicating a focus on long-term profitability and effective management of booking and backlog processes. Additionally, Nokia's strategic partnership with T in fiber access reinforces its position in the telecommunications market, reflecting technology leadership and a strong potential for value creation within its existing operations.

Bear case

Nokia's financial outlook is precarious due to its exposure to fluctuations in carrier capital expenditures, which can lead to significant quarterly revenue volatility. The company's ability to profitably compete in the growing 5G market is at risk, compounded by challenges from focused competitors and internal strategic execution failures. Additionally, high levels of stock volatility, senior management turnover, and the need to keep pace with rapid technological advancements further exacerbate the company's high-risk profile.

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