Goldman Sachs analyst Alexander Duval upgraded the rating on Nokia to a Hold on March 27, setting a price target of €8.00.
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Alexander Duval has given his Hold rating due to a combination of factors, notably a more optimistic outlook for Nokia’s Optical and IP Networks businesses, which are set to benefit from sustained AI infrastructure investment and strong recent order momentum, including sizable backlog from AI and cloud clients. However, he also notes that Radio Networks remains structurally challenged by a stagnant wireless RAN market, even if it now represents a smaller share of group revenue.
At the same time, Nokia has reset profitability expectations, giving investors greater confidence that margins have a firm floor, and the company’s fundamentals appear to be improving. Yet Duval judges that the current valuation already discounts much of this progress, with Nokia trading at a premium to the broader European tech sector versus a historical discount, leading him to see limited relative upside and thus support only a Neutral stance rather than a more positive rating.
According to TipRanks, Duval is a 4-star analyst with an average return of 7.6% and a 55.86% success rate. Duval covers the Technology sector, focusing on stocks such as Nokia, Infineon Technologies AG, and Logitech.