Handelsbanken upgrades Nokia stock to Buy and keeps EUR 10 target

Published on 10/23/2026 at 10:54 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Nokia's adjusted operating profit came in 31.0 percent above consensus. Nokia stock costs EUR 7.55 on October 23, 2026, versus the EUR 7.48 Xetra close.

Analyst target and quarterly results

Handelsbanken upgraded Nokia to Buy and kept its EUR 10.00 target on October 22, 2026.
Third-quarter net sales reached EUR 5.154 billion, up 10.00 percent year over year.
Nokia stock trades at EUR 7.55 at 10:44 a.m. CEST at Lang & Schwarz on October 23, 2026, 0.99 percent above the Xetra close of October 22, 2026.
Nokia plans to publish fourth-quarter and full-year 2026 results on January 28, 2027.

Isometrische 3D-Grafik eines Telekommunikationsnetzwerks mit Türmen und Servern — Nokia Oyj (FI0009000681) isometrische 3D-Illustration einer Netzarchitektur mit Sendemasten, Rechenzentrum und vernetzten Geräten, Illustration mit AI erstellt.

Nokia's stock is at EUR 7.55 at Lang & Schwarz on October 23, 2026 at 10:44 a.m. CEST, up 0.99 percent from the Xetra close of October 22, 2026. The latest catalyst is an analyst upgrade after Nokia's third-quarter report, with Handelsbanken moving the stock to Buy and reiterating a EUR 10.00 price target on October 22, 2026, as reported by MarketScreener.

Quarterly growth meets higher costs

Nokia's third-quarter net sales rose 10.00 percent year over year to EUR 5.154 billion, while comparable operating profit increased 35.00 percent to EUR 605.00 million. The figures came in above the prior-year values of EUR 4.700 billion and EUR 448.00 million, respectively, according to Nokia on October 22, 2026.

The quality of the improvement is mixed across Nokia's measures. Comparable operating margin rose 220 basis points to 11.70 percent, but reported operating profit fell 22.00 percent to EUR 196.00 million as restructuring and integration costs weighed on the quarter. Reported operating margin was 3.80 percent, compared with 5.40 percent a year earlier.

What supports the analyst target?

AI and cloud customers supplied a clear growth figure: their Nokia sales increased 123.00 percent year over year, while order intake rose 118.00 percent in the third quarter. Network Infrastructure sales grew 15.00 percent on a constant-currency basis, led by IP Networks at 43.00 percent growth and Optical Networks at 18.00 percent, the company said in its October 22, 2026 report.

Nokia kept its full-year 2026 comparable operating profit outlook at EUR 2.10 billion to EUR 2.60 billion. It expects fourth-quarter sales to rise 20.00 percent to 24.00 percent sequentially, while free cash flow conversion is guided at 35.00 percent to 55.00 percent after additional working-capital investment of EUR 400.00 million.

Next dates and investor focus

The recent sequence is clear. On October 20, 2026, Nokia guided to comparable full-year operating profit of EUR 2.10 billion to EUR 2.60 billion; on October 21, 2026, it announced a strategic partnership with NVIDIA; on October 22, 2026, it published third-quarter results with EUR 605.00 million of comparable operating profit. The next reporting date is January 28, 2027, when Nokia plans to publish fourth-quarter and full-year 2026 results, according to the company's investor-relations page.

Stock holds near EUR 7.50

The analyst view points to a higher valuation than the current German-market quote, but the reported margin gap keeps execution and restructuring costs central to the debate. Nokia also resolved to distribute EUR 0.03 per share, with a record date of October 27, 2026 and payment scheduled for November 5, 2026.

Nokia stock was trading at EUR 7.55 at Lang & Schwarz on October 23, 2026 at 10:44 a.m. CEST, 0.99 percent above the Xetra close of October 22, 2026 at EUR 7.48. The further course of trading is shown by the continuously updated real-time quote of Nokia stock.