HELSINKI, March 13, 2026, 15:23 (EET)
Nokia hovered near 7.2 euros in Helsinki on Friday, steady after Thursday’s 4.48% jump. Morgan Stanley bumped its price target up to 8.50 euros from the previous 6.50, giving some extra momentum to the recent rally.
This shift stands out after recent caution from analysts. Both DNB Carnegie and Danske Bank had downgraded Nokia to hold—DNB making the call on March 10, Danske in late February—with each setting a 6.50-euro price target. In New York trading, Nokia’s U.S. ADRs, which represent the Finnish shares, finished Thursday at $8.14, up 3.04%. Volume hit 88.7 million shares, more than twice the 50-day average.
StreetInsider pointed to Morgan Stanley analyst Terence Tsui as the author of the note. According to Investing.com, the bank highlighted robust AI infrastructure demand as a tailwind for Nokia’s growth, projecting the company’s Optical and IP unit revenue could climb around 13% in 2026—surpassing Nokia’s own 10% to 12% guidance. That view was buoyed by recent numbers from optical networking rival Ciena.
Nokia’s deal pipeline has been busy. After securing Telefonica’s business in Spain, the company has inked fresh AI-focused partnerships with TIM Brasil and Deutsche Telekom, Reuters reported March 2. The moves highlight how artificial intelligence is starting to generate additional revenue for network players like Nokia and rival Ericsson.
Management’s been pushing this line too. Back in January, CEO Justin Hotard pointed to order intake for Optical and IP Networks still coming in above one—thanks largely to AI and cloud demand—and called AI “a long-term structural shift.” Around then, Nokia said it was looking for a 2026 comparable operating profit of 2.0 to 2.5 billion euros, an adjusted figure that leaves out certain items, after the company landed in line with quarterly earnings forecasts. Nokia Corporation | Nokia
Just days after Nokia’s 2025 annual report and Form 20-F hit the SEC, a new brokerage call arrives. The company is set to post Q1 2026 results on April 23.
Bulls are still betting on just a sliver of Nokia’s revenues gaining momentum. AI and cloud business? Morgan Stanley figures that’s only about 6% of total sales for now, according to Investing.com. Nokia itself flagged that first-quarter sales will slip more than the usual seasonal dip, and said free cash flow could whipsaw depending on when customers pay, shifting regional appetite, and a bump in capital spending for optical gear.
Nokia shares have been trading close to a decade high thanks to Nvidia’s $1 billion, 2.9% stake and the latest AI-related partnerships, Reuters reports. Investors are clearly wagering that a bigger data-center footprint will help compensate for sluggish 5G demand and some lost contracts.
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