Bank of America Securities analyst Oliver Wong upgraded the rating on Nokia to a Buy today, setting a price target of €10.70.
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Oliver Wong has given his Buy rating due to a combination of factors tied to Nokia’s evolving business mix and improving growth outlook. He highlights Nokia’s shift toward becoming a leading optical networking player, supported by the Infinera acquisition, stronger exposure to cloud and hyperscale customers, and a favorable position in the AI-driven data center buildout.
He also notes upside from expanding into faster coherent pluggables, tapping the growing data center switch market in Europe, and improving margins in the Mobile Infrastructure segment through cost actions and a greater software focus. Additional catalysts include revenue opportunities from replacing Huawei and ZTE equipment in Europe and potential benefits from the Nvidia AI-RAN partnership, which support earnings forecasts above consensus and justify a higher price objective.
In another report released on April 8, Jefferies also maintained a Buy rating on the stock with a €8.80 price target.