Helsinki, Jan 8, 2026, 16:49 EET — Regular session
- Nokia shares fall about 4% in Helsinki, reversing part of Wednesday’s upgrade-led jump
- Kepler Cheuvreux lifted Nokia to “buy” and raised its target price to 6.60 euros
- Investors look to Nokia’s Jan. 29 results for 2026 margin and cash-flow signals
Nokia shares fell about 4% to 5.534 euros in Helsinki on Thursday, giving back some of the prior session’s rise after an analyst upgrade, while another broker kept a bearish view. The stock has traded between 5.534 and 5.844 euros on the day and remains below its 52-week high of 6.650 euros, according to Investing.com data. 1
The pullback matters because Nokia is less than three weeks from its fourth-quarter and full-year report, due on Jan. 29, when it is expected to update investors on demand trends and its outlook. The company is also due to publish its annual report in the week starting March 2 and plans to hold its annual general meeting on April 9. 2
After a sharp run late last year, Nokia’s stock has started to trade more like an earnings setup than a long-term bet. Traders are looking for a clean read-through on whether order momentum in network infrastructure is turning into steadier sales, and whether margins are holding up as operators stay picky with spending.
Kepler Cheuvreux on Wednesday upgraded Nokia to “buy” from “hold” and raised its target price to 6.60 euros from 5 euros, calling the recent pullback an “attractive entry point.” The broker said it viewed Nokia at about 13 times 2026 estimated EBIT (earnings before interest and taxes), and pointed to a stabilising network gear market after a sharp 2023-2024 contraction; it also flagged margin upside and expected synergies from Nokia’s planned Infinera acquisition. 3
In U.S. trading, Nokia’s American depositary shares were down about 3.3% at $6.57, tracking the softer tone in Helsinki.
The split in calls is part of the backdrop. Kepler is leaning into a multi-year recovery path, while Thursday’s drop showed how quickly the stock can lose altitude when buyers step back, particularly with earnings close enough to limit fresh company commentary.
A risk for bulls is that operators’ spending stays muted longer than expected, pinching pricing and volumes, while integration work tied to deals and cost programmes drags on margins. Any disappointment on cash generation could also hit sentiment fast, given how much of the upgrade case rests on improving cash flow.
