JPMorgan analyst Sandeep Deshpande raised Nokia's (NOK) price target to $21. The previous target was $14. The firm maintained its Overweight rating on the stock. This new target implies a potential upside of nearly 50% from the previous close. Shares rose nearly 2% in premarket trading.
Expected growth in Nokia's optical networking business drives the bullish outlook. Demand from AI and cloud customers fuels this expansion. Nokia recently secured €1 billion in AI and cloud-related orders.
Manufacturing capabilities should allow for a significant acceleration in orders in 2026. JPMorgan expects this momentum to continue into 2027.