Positioned for sustainable growth in a volatile stock market backdrop

Research evidence excerpt

Positioned for sustainable growth in a volatile stock market backdrop

Idea

August 3, 2026 12:00 AM GMT

Morgan Stanley & Co. International plc+MNokia Oyj | Europe Terence Tsui

Equity Analyst

Positioned for sustainable Terence.Tsui@morganstanley.comShawn Kim +44 20 7425-3095

Shawn.Kim@morganstanley.com +44 20 7677-1018

growth in a volatile stock Lee Simpson

Lee.Simpson@morganstanley.com +44 20 7425-3378

market backdrop Nigel van Putten

Nigel.Putten@morganstanley.com +44 20 7425-2803

We stay bullish on the fundamentals and the long-term Amelia M Scicluna

opportunity, but the wider AI stock market backdrop is Research Associate

Amelia.Scicluna@morganstanley.com +44 20 7425-6694

extremely volatile. Overweight, Top Pick. Emmet B Kelly

Emmet.Kelly@morganstanley.com +44 20 7425-6830

Key Takeaways Harrison Williams, CFA

We still have strong conviction that Nokia is emerging as a key beneficiary of Harrison.Williams@morganstanley.com +44 20 7425-6627

infrastructure capex supporting AI expansion (datacenters)... Lindsey C Zastawny

… but the market backdrop is noisy; and margin softness in mobile RAN at Lindsey.Zastawny@morganstanley.com +44 20 7425-1237

Ericsson has not been helpful.

Nokia Oyj (NOKIA.HE, NOKIA FH)

We keep our estimates unchanged. Unlocking capacity in San Jose & Penn could Top Pick

be the catalyst for more bullish guidance. Technology - Telecoms Equipment | Finland

On our estimates, shares trade of 20x '27 PE and 15x '28 PE. Good value for a Stock Rating Overweight

Industry View In-Line

stock in transformation. Price target €14.00

Shr price, close (Jul 30, 2026) €7.93

52-Week Range €15.00-3.46

Challenging market backdrop … Nokia shares have traded as if they are in the Mkt cap, curr (mn) €42,266