Nokia Corporation (NOK)

Nokia's stock is trading near the bottom of its 52-week range, and the reaction to its latest report has been the main story. The company beat EPS estimates on October 22, 2026, with $0.10 against $0.07 expected, yet the shares fell 14.81% in the first session after the report. The price sits below its 50-day and 200-day moving averages ($9.66 and $10.36), and the MACD line is negative, so the market is still weighing the company's slower growth against its earnings beats. Analysts remain constructive, with 11 of 13 rating the stock Buy.

Nokia reported EPS of $0.10 on October 22, 2026, against an analyst estimate of $0.07, a beat of 42.86%. The shares nonetheless fell 14.81% in the first session after the report. The company has now beaten estimates four times in its last six reports, yet two of those beats were followed by a lower share price in the first session.

The stock is 14.68% below its 50-day simple moving average and 20.40% below its 200-day simple moving average, and the 50-day average sits 6.71% below the 200-day average. Over the past six months the shares are down 37.40%, while the one-year return is up 18.29%. The 14-day RSI of 42.8 is in the neutral zone, but the MACD line is negative, which keeps momentum tilted to the downside even though the stock is not oversold.

At a trailing P/E of 51.53, Nokia trades at a premium to the sector median P/E of 35.1, a gap of 46.8%. Its price-to-sales ratio of 2.01 is far below the sector median of 7.6, but that reflects thin margins: the net profit margin is 3.75% and return on equity is 3.88%, below the sector median of 13.4%. The debt-to-equity ratio of 0.16 is modest, so the balance sheet is not the concern.

Of 13 analysts with a current rating, 11 rate the stock Buy and 2 hold, with none at sell. The median 12-month target is $14.70, 78.3% above the price, and targets range from $8.40 to $20.50. Recent actions include JP Morgan keeping its Overweight rating on October 23, 2026 and Rosenblatt keeping its Buy rating the same day. Eight of ten ratings three months earlier were Buy, so the consensus has become slightly more Buy-heavy.

The base case for the coming months is that the stock stays under its moving averages until revenue growth catches up with the sector. Analysts' estimates call for EPS to grow 19.9% this fiscal year, to $0.41, and 16.6% next year, to $0.48. A further drop below the 52-week low of $5.86 would show that the market has stopped giving weight to the analysts' view. The stock's valuation, with a trailing P/E of 51.53 against a sector median of 35.1, leaves little margin if earnings growth slows. The median analyst target of $14.70 sits well above the price of $8.25, but that gap only matters if revenue growth accelerates and the estimates hold.

Support sits at the 52-week low of $5.86, the lowest price in the past year and the level a further decline would test first. Resistance comes first at the 20-day EMA of $8.67, followed by the 50-day SMA of $9.66 and the 200-day SMA of $10.36. Those three averages are where a recovery would meet selling pressure, and the 52-week high of $17.45 is far above the current range. A close above $9.66 would show that the stock has moved back toward its medium-term trend.