Barclays Lifts PT on Nokia Oyj (NOK), Cites “Clear Momentum”

Nokia Oyj (NYSE:NOK) is one of the top stock giants that were suddenly on fire in April. Nokia Oyj (NYSE:NOK) received a rating update from Barclays on April 29, with the firm lifting the price target on the stock to EUR 8 from EUR 5.20 and reaffirming an Underweight rating on the shares. The rating update came after the company released its fiscal Q1 earnings report, with the firm telling investors in a research note that the company has “clear momentum,” driven by intellectual property and optical. The firm cited valuation for its Underweight rating.

The same day, Nokia Oyj (NYSE:NOK) also received a rating update from Arete. The firm upgraded the stock to Buy from Neutral, setting a price target of EUR 10.60 and telling investors in a research note that the shares have re-rated higher, given the company’s optical exposure to hyperscale data center spend. However, it also added that AI and cloud represented a mere 8% of Nokia Oyj’s (NYSE:NOK) fiscal Q1 sales.

Nokia Oyj (NYSE:NOK) provides network infrastructure, software, and technology services. Its operations are divided into the following segments: Mobile Networks, Network Infrastructure, Cloud and Network Services, and Nokia Technologies.

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