NEW YORK, Jan 7, 2026, 12:25 EST — Regular session
- Nokia’s U.S.-listed shares rose nearly 6% after Kepler Cheuvreux upgraded the stock to “buy”.
- Kepler lifted its target price to 6.60 euros, pointing to a sales and margin recovery.
- Investors now look to Nokia’s Jan. 29 results for 2026 guidance and cash-flow signals.
Nokia Oyj’s U.S.-listed shares climbed 5.9% to $6.86 in midday trade on Wednesday after Kepler Cheuvreux upgraded the Finnish telecom equipment maker to “buy,” according to StreetInsider. 1
The call landed after a roughly 15% pullback from recent highs, which Kepler said had opened a better entry point. The broker raised its target price to 6.60 euros from 5 euros and called Nokia’s valuation “rather reasonable” at about 13 times its 2026 estimated EBIT — earnings before interest and taxes. 2
That matters now because Nokia is heading into its next results with investors still split on whether the network gear market has finally steadied after a bruising downcycle. Nokia is due to report fourth-quarter and full-year 2025 figures on Jan. 29, with attention on its 2026 outlook, adjusted operating margin and free cash flow — cash left after capital spending. 3
In Helsinki, Nokia shares were last indicated up about 3.7% at 5.77 euros. 4
Kepler said the network equipment market stabilised after a 2023-24 contraction driven by inventory cuts and a tougher spending backdrop, and it flagged Nokia’s push in network infrastructure as a key swing factor. The broker also pointed to cost savings already booked and said the company’s AI and cloud-related order intake in network infrastructure has been building.
Nokia has been reshaping its story around network infrastructure and AI-linked demand as operators slow some 5G rollouts, while it absorbs the optical-networking push it gained through its Infinera deal. 5
But the upgrade comes with familiar risks: a slower-than-expected rebound in carrier spending, pricing pressure in mobile networks, and execution risk on margins if cost cuts or integration benefits slip. Any wobble in 2026 guidance could pull focus back to the parts of the business still exposed to patchy telecom capex.
