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Investing.com - BNP Paribas Exane upgraded Nokia OYJ (HELSINKI:NOKIA) (NYSE:NOK) from Neutral to Outperform on Wednesday, setting a price target of EUR4.30.
The upgrade reflects BNP Paribas Exane’s view that Nokia is positioned to benefit from artificial intelligence and data center investments, trends that have largely bypassed the telecommunications equipment maker until now.
The research firm specifically cited Nokia’s acquisition of Infinera as a catalyst that could help the company grow its hyperscaler revenues beyond their current level of 5% of group revenues.
BNP Paribas Exane noted that power constraints on AI are forcing the build-out of medium-sized clusters operated in a more integrated way, requiring additional optical and IP infrastructure that aligns with Nokia’s offerings.
The firm projects Nokia could grow revenues 3% faster than consensus models in 2026, with additional margin benefits and synergy realization from the Infinera acquisition.
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