Nokia shares rose after JPMorgan reiterated its Overweight rating and $21 price target. The target suggests potential upside of more than 100%.
JPMorgan said investors are underestimating Nokia’s growth opportunities in artificial intelligence and cloud infrastructure. The bank’s analysis of Nokia’s current AI and cloud order pipeline points to stronger earnings in 2027 and 2028 than analysts currently forecast.
Nokia’s sales to AI and cloud customers more than doubled. The company secured €2.8 billion in new orders from these customers in the second quarter.