Nokia Stock Surges on 5G Deals and Bullish Forecasts – What’s Next for NOK Investors?

15 October 2025

Stock at 52-week high: Nokia (NOK) rallied ~14% over two weeks, reaching a 52-week high near $5.49 on Oct 14, 2025 ^[1] ^[2]. As of Oct 15 its stock was around $5.54, up ~1.4% on the day ^[3]. Volume has spiked and the 5-day/50-day moving averages (~$5.49 and $5.20) support the uptrend ^[4] ^[5].
Major 5G contracts: Nokia announced several telecom deals boosting its outlook. On Oct 14 it extended a 5G RAN partnership with Vodafone/Vodacom across Europe & Africa ^[6]. In the UK, “VodafoneThree” (Vodafone-Three merger) awarded a £2 billion 5G network contract to Ericsson and Nokia to upgrade ~7,000 sites ^[7]. Earlier, Nokia won a green network deal with Japan’s Rakuten Mobile (deploying its DWDM optical power-saving tech) that cuts energy use ~24% ^[8]. It also expanded a four-year 5.5G core network upgrade with Finland’s Elisa (targeting ~20% energy savings) ^[9].
Corporate actions: In early Oct, Nokia’s board approved issuing 120 million new shares (to cover equity plans) ^[10]. This will raise total shares to ~5.58 billion by Oct 6, 2025 ^[11]. Such share issuances (offsetting a recent 150M-share cancellation) could modestly dilute EPS but fund employee plans and acquisitions.
Earnings & guidance: In Q2 2025 Nokia’s sales of $5.34 billion beat expectations ($4.82 b) while EPS was $0.05 (just below forecasts) ^[12]. CEO Justin Hotard (ex-Intel) said H2 should be stronger if the dollar steadies ^[13]. Note Nokia trimmed its 2025 profit outlook in July (to €1.6–2.1 b vs €1.9–2.4 b prior) due to tariffs and FX headwinds ^[14].
Analyst outlook: Wall Street is cautiously optimistic. The consensus is a Moderate Buy, with an average 12-month target ~$5.52 ^[15]. Analysts at BNP Paribas have even upgraded NOK to “Outperform” (target $5.00) ^[16]. MarketBeat notes most (6 of 8) ratings are Buys ^[17]. Street estimates project ~€0.34 EPS for FY2025 ^[18], implying limited growth from current ~$5.5 prices.
Industry context: Nokia faces mixed headwinds. Its stronger Nordic rival Ericsson just reported blowout Q3 results and saw its stock jump 13% (Oct 14) ^[19]. Ericsson’s North America share gains and big U.S. deals have kept it ahead of Nokia ^[20]. Meanwhile, geopolitical moves weigh on Nokia: a recent report said China is curbing use of Nokia/Ericsson gear in its networks ^[21], and Nokia has already exited Russia on sanctions grounds. Global telecom capex is flat-to-down (Dell’Oro forecasts) ^[22], so vendor competition is fierce. On the positive side, Nokia is pushing into AI and defense; Hotard says new defense spending targets (NATO 5% GDP goal) offer opportunities ^[23].
Technical snapshot: Most indicators are bullish. Investing.com scores Nokia as a “Strong Buy” (all major moving averages are trending up) ^[24] ^[25]. Key pivot/resistance levels are roughly $5.56–5.60 (we’ve seen prices touch this range ^[26]). The 14-day RSI (~76) is high ^[27], signaling the stock is overbought in the short term – a pullback or consolidation around $5.40–5.20 is possible. The overall uptrend remains intact, however, suggesting any dip could be a buying opportunity for momentum traders.
Forward view: Going ahead of Q3 results (due Oct 23) and beyond, investors are watching Nokia’s ability to convert deal pipeline into growth. Analysts’ targets cluster in the $5–6 range ^[28], which implies modest upside from current levels. Nokia’s ~3% dividend yield and stable network business provide income support. Investor sentiment is cautiously upbeat due to the recent contract wins and cost-cutting initiatives, but full-year guidance cuts remind that output may lag until late 2025. Market watchers note that new CEO Justin Hotard is focusing on AI/5G integration and new markets (like defense/secure networks) ^[29], which could open fresh revenue streams if global operators resume heavy spending.

Sources: Market quotes and technical data from Reuters ^[30] ^[31]; Nokia financials and analyst data from MarketBeat ^[32] ^[33]; Nokia corporate news (deals, share issuance) from company releases and RTTNews ^[34] ^[35]; industry developments from Reuters and TelecomTV ^[36] ^[37] ^[38] ^[39]; forecasts and expert comments from Reuters and investing analysis ^[40] ^[41] ^[42].

The Truth about the 5G Rollout, Nokia, and Your Wallet [NOK Stock]

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Mateusz Kaczmarek Latest posts

A technology and finance expert writing for TS2.tech. He analyzes developments in satellites, telecommunications, and artificial intelligence, with a focus on their impact on global markets. Author of industry reports and market commentary, often cited in tech and business media. Passionate about innovation and the digital economy.

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