HELSINKI, March 26, 2026, 15:24 EET
- Nokia Oyj was trading at roughly 7.33 euros in Helsinki on Thursday, up over 32% so far this year.
- Jefferies bumped up its price target to 8.80 euros from 7.20. SEB, on the other hand, downgraded the stock to Hold, pegging its target at 7.40 euros.
- April 23 brings Nokia’s first-quarter numbers, a release flagged after the company warned of a sharper-than-typical seasonal drop in sales.
Nokia Oyj ticked up in Helsinki on Thursday, trading at 7.336 euros in delayed action. Jefferies gave the stock a boost by raising its target price, while SEB sounded a more cautious note. The uptick wasn’t dramatic, but it kept shares hovering close to their recent highs.
Nokia’s push to win AI and cloud infrastructure deals is closely linked to its Infinera acquisition in the U.S., and it’s getting noticed. The stock’s rallied over 32% this year. Now, Thursday’s diverging analyst opinions are pushing the focus quickly onto valuation.
Jefferies’ Janardan Menon bumped his price target up to 8.80 euros from 7.20 following Nokia’s presentation at the Optical Fiber Communication Conference and Exhibition, or OFC. Menon said the optical networking segment keeps getting “stronger and stronger,” adding that the firm’s current targets appear conservative. finanzen.net
SEB went the opposite direction, cutting its rating on Nokia from Buy to Hold, despite bumping up the target price to 7.40 euros. The bank noted the stock’s strong run so far.
After a flurry of AI-focused product launches, the back-and-forth hasn’t let up. Earlier this month at OFC, Nokia took the wraps off a series of coherent optical solutions and new high-capacity transmission hardware for both data-center and backbone connections. The company claims its gear could slash total cost of ownership by as much as 70%. Nokia also introduced a multi-fiber line system built to squeeze more throughput from existing infrastructure.
Since January, management’s been laying the groundwork. CEO Justin Hotard pointed out that fourth-quarter orders in optical and IP networking ran ahead of sales—AI and cloud clients were behind that surge. He called optical “a critical component” for scaling AI infrastructure. Network Infrastructure revenue climbed 7% for the quarter, with Optical Networks jumping 17%. Nokia Corporation | Nokia
Stelia AI on Thursday announced a partnership with Nokia aimed at rolling out enterprise AI deployments. Nokia’s Paul Alexander pointed out the network’s role as a backbone for AI workloads, which are increasingly spread across cloud platforms, operational systems, and distributed locations.
Nokia isn’t the only player eyeing that demand. Over at OFC 2026, Ciena pitched its AI-ready networking lineup, and Cisco packed its schedule with investor meetings tied to the show—each zeroing in on optical systems. The fight for data-center connectivity is drawing a crowd.
Even so, the outlook for the next few months isn’t straightforward. Nokia flagged that first-quarter net sales—excluding Nokia Technologies—are expected to drop a bit more than what’s typical for the season. The company called the mobile infrastructure market stable, stopping short of saying it’s strong. Softness in optical demand or continued cautious carrier spending could unwind the stock’s recent gains.
Right now, investors are betting that Nokia’s Infinera acquisition has pushed it up the ranks in optical—just as AI-fueled network demand picks up. After EU regulators signed off on the deal, Reuters said the new Nokia would command around 20% of the optical transport gear market, second only to Huawei. The real test comes April 23: Nokia is set to report Q1 numbers, giving a clearer look at whether that strategy is translating to results.
