Arete Upgrades Nokia (NOK) to Buy

okia Oyj (NYSE:NOK) is one of the 10 Best European Stocks That Beat Earnings Estimates to Buy.

On April 29, 2026, Arete upgraded Nokia Oyj (NYSE:NOK) to Buy from Neutral with a EUR 10.60 price target. The firm noted the shares have re-rated on exposure to hyperscale data center spending, while AI and cloud accounted for 8% of Q1 sales.

Argus analyst Jim Kelleher also upgraded Nokia Oyj (NYSE:NOK) to Buy from Hold with a $15 price target following the Q1 report. Jim Kelleher cited AI-driven demand and a higher 2026 revenue growth outlook for the Network Infrastructure segment, adding that Mobile Networks has been stable and could begin to grow with rising AI data center traffic.

Arete Upgrades Nokia (NOK) to Buy

On April 23, 2026, Nokia Oyj (NYSE:NOK) reported Q1 comparable EPS of EUR 0.05 versus EUR 0.03 last year and revenue of EUR 4.5B compared to EUR 4.39B, with comparable net sales up 4%. The company said it delivered a “solid start,” with strong demand in AI & Cloud, where net sales rose 49% and accounted for 8% of group sales, alongside EUR 1B in orders. Network Infrastructure grew 6%, including 20% growth in Optical Networks, while Fixed Networks declined 13% as part of a shift toward higher-margin products. Nokia expects FY26 comparable operating profit of EUR 2B to EUR 2.5B, capital expenditures of EUR 900M to EUR 1B, and a comparable income tax rate of 26% to 27%, with higher capex tied to Optical Networks capacity and real estate projects.

Nokia Oyj (NYSE:NOK) provides mobile, fixed, and cloud network solutions across global markets.

While we acknowledge the risk and potential of NOK as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than NOK and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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