Nokia upgraded to Hold as valuation aligns with macro risks and AI growth potential.

Nokia has been upgraded to a Hold rating as its current valuation better reflects ongoing macroeconomic risks and the potential upside from AI-driven growth. In Q2, Nokia reported a 9% increase in comparable net sales, a 70 basis points margin improvement, and a remarkable 105% growth in AI and Cloud net sales. The company projects an operating profit between €2.1 billion and €2.6 billion by 2026, with a free cash flow midpoint of €1.53 billion, maintaining a strong balance sheet. However, near-term growth is tempered by persistent macroeconomic headwinds, delays in client investments, and supply chain constraints, making a Buy rating less attractive at this time.

Nokia trades at USD 9.97 on Pluang as of Sep 15, 2026, showing a 3.26% gain for the day. The stock's market cap stands at $62.12 billion, reflecting steady investor interest despite macroeconomic challenges. This price movement complements the recent upgrade to Hold, highlighting cautious optimism in the market.