Nokia Oyj (NYSE:NOK) is one of the 10 Mid-Cap Stocks That Are On Fire Right Now. On April 27, Argus upgraded its rating on Nokia Oyj (NYSE:NOK) from Hold to Buy and set the price target at $15 for the stock. The research firm’s long-term rating on the stock is also Buy.

Argus pointed to the company’s Q1 2026 non-IFRS earnings per share, which beat market expectations. However, Nokia Oyj (NYSE:NOK) posted revenue below consensus estimates. Despite this, both revenue in local currency and non-IFRS earnings per share showed year-over-year growth amid rising investments in AI within the networking sector.

Nokia (NOK) Upgraded to Buy at Argus Nokia (NOK) Upgraded to Buy at Argus

Nokia Oyj (NYSE:NOK) is seeing increasing AI-related demand mainly in its Network Infrastructure segment. As a result, the company has lifted revenue growth guidance for this business in 2026. Meanwhile, its Mobile Networks business has remained stable but it could start experiencing growth to support AI data center traffic.

Additionally, the company’s acquisition of Infinera Corp. is helping reduce its reliance on the Mobile Networks business. Nokia Oyj (NYSE:NOK) is tracking above the midpoint of its non-IFRS operating profit forecast for 2026.

Nokia Oyj (NYSE:NOK) is a Finland-based technology company that specializes in telecommunications equipment, AI, networks, and related technologies. The company offers a range of solutions across cloud and network services, mobile networks, and network infrastructure.

While we acknowledge the potential of NOK as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 10 Best American Tech Stocks to Buy and 10 Best Medical Stocks to Buy Under $30.

Disclosure: None. Follow Insider Monkey on Google News.