Nokia Stock Rally Stays Super-Hot: Analysts See More Upside On AI Infra Strength

• Morgan Stanley and JPMorgan raised their price targets on Nokia’s Helsinki-listed shares. 
• Argus upgraded the U.S. stock to ‘Buy’ from ‘Hold.’
• Last week, Nokia said it was seeing strong demand for its AI networking hardware and raised the 2026 revenue growth outlook for its maintenance networking segment.

U.S.-listed shares of Nokia Oyj rose 5.4% on Tuesday to notch another record close, and added 1.6% in overnight trading, as analysts turned more upbeat on the Finnish networking company following its quarterly report last week. The stock has now gained for four straight sessions and is on track to mark its best monthly performance since October 2025.

Morgan Stanley raised its price target on Nokia’s Helsinki-listed stock to 11 euros from 8.50 euros previously, and JPMorgan raised its target to 12 euros from 6.90 euros, according to The Fly. The higher 12-euro target implies a 30% upside from the stock’s last close. 

Earlier in the week, Argus upgraded Nokia’s U.S. shares to ‘Buy’ from ‘Hold,’ and placed a $15 price target, implying a 33% upside from the last close. Momentum in Nokia’s AI business drove the upward revision.

Nokia Q1 Results Recap

Last Thursday, Nokia reported first-quarter comparable sales in line with expectations and comparable profit ahead of expectations.

More importantly, the company said its AI-augmented networking offerings are seeing healthy demand and raised the revenue growth target for its network infrastructure segment to 12% to 14% this year, up from the previous forecast of 6% to 8%. 

"As a result, we are currently tracking somewhat above the ⁠mid-point of ​our full year financial outlook of 2.0 billion to ​2.5 billion euros in comparable operating profit," CEO Justin Hotard said in a statement.

A series of moves last year had set Nokia on a growth path. The company appointed Justin Hotard – a senior executive with experience at Intel and Hewlett Packard Enterprise – as President and CEO, and acquired Infinera, which significantly strengthened its optical networking portfolio.

Retail’s View On NOK

On Stocktwits, the retail sentiment for NOK has climbed since its earnings report and was ‘extremely bullish’ on Tuesday. The ticker was amongst the top trending on the platform, with 24-hour message volume rising 56%.

“$NOK not flashy, but this kind of strength usually leads to more,” said a trader.

Another wrote: “$NOK the next important marker is institutional Q1 filings. Deadline is May 15. Good luck, if Fidelity adds to their 5%, or watch for Blackrock or Vanguard adding to their shares.” 

Year-to-date, NOK stock has gained 76%. If the move holds, it would be the stock’s best year since 2013.

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