Is Nokia a Buy, Sell, or Hold in 2026?

By Anders Bylund – Feb 21, 2026 at 7:29AM ESTKey PointsNokia stock has nearly doubled since July 2024, crushing the S&P 500's returns.The company has reorganized around artificial intelligence (AI)-native networks and the coming 6G upgrade cycle.Nokia's long-term success hinges on demand for 6G networks.We’re bullish on these 10 stocks ›NYSE: NOKNokiaMarket Cap$43BToday's Changeangle-down(2.24%) $0.17Current Price$7.77Price as of February 20, 2026 at 3:58 PM ETNokia stock nearly doubled since mid-2024. Should you jump in now or stay away?I owned Nokia (NOK +2.24%) stock fairly recently. After holding the Finnish mobile communications equipment specialist's shares for about four years, I cashed in that modest position in July 2024 for a total return of 12.5%. The S&P 500 (^GSPC +0.69%) index scored a total return of 68.6% over the same period, and I didn't see any catalysts that would turn Nokia's underperformance around. That was a mistake. Nokia continued to struggle for about another year but sprang to life in fall 2025. As of Feb. 19, Nokia has posted a 97.7% total return since I sold my shares. The S&P 500? A 24.7% gain. At this point, I would be beating the market by the skin of my teeth from November 2020 to February 2026. So Nokia is clearly doing something right. But what's next? Let's see if Nokia is a buy, sell, or hold. ExpandNYSE: NOKNokiaToday's Change(2.24%) $0.17Current Price$7.77Key Data PointsMarket Cap$43BDay's Range$7.56 - $7.7952wk Range$4.00 - $8.19Volume4.4MAvg Vol30MGross Margin42.53%Dividend Yield2.08% Why Nokia investors are smiling again Nokia's financial results were mixed in 2025, but the stock still saw big gains after the two latest earnings reports. You have to dig deeper than the standard headlines to figure out why. As it turns out, Nokia has a strong pipeline of incoming equipment orders, signaling strong revenues in 2026 and beyond. Furthermore, the company recently reorganized its reporting structure from four equally important segments to two primary divisions. The revamped business model is built around "powering the AI supercycle," according to CEO Justin Hotard. It's all about AI-native mobile networks looking forward to the incoming 6G upgrade opportunity. Nokia's investors have embraced this ambitious strategy, lifting the stock to prices not seen since 2015. Image source: Getty Images. The 6G dream Wall Street is sending mixed signals about Nokia's stock. The analyst community's average price target is $6.87 per share, roughly 10% below current prices and evenly split between "buy" and "sell" recommendations. On the upside, less than 1% of Nokia's shares are sold short, giving it the look of a classic value stock with minimal bearish bets. 6G networks are a crucial part of Nokia's long-term business plan. This generation of wireless technology will not be a huge speed boost, focusing on reliable connectivity everywhere, with lower operating costs and milder environmental impacts than 4G and 5G networks. Nokia expects wireless AI services and quantum computing systems to "become inextricably linked to the network." That's a thrilling vision, but wireless tech titans made similar claims when 5G networking was on the horizon. Has 5G really changed the game? Well, that generation has allowed cellular Internet of Things (IoT) devices to outgrow the broader IoT market, taking a 22% share of smart home and wearable computing connections today. Like the next-generation 6G technology, 5G wasn't a pure speed booster for your phone like previous generations. My take on Nokia stock today So a Nokia investment is a bet on high demand for 6G networks in the long run. I misjudged and mistimed the 5G cycle badly. The next generation should be business as usual for Nokia, keeping the company afloat over the long haul without resulting in massive outperformance. If you're looking for a steady value stock in the tech sector, Nokia could fill that role. Growth investors should probably look elsewhere. Overall, I'd call this stock a "hold" right now.Read NextFeb 13, 2026 •By Will HealyThink It's Too Late to Buy Nokia Stock? Here's 1 Reason Why There's Still Time.Jan 29, 2026 •By James BrumleyWhy Is Nokia Stock Down 8% Today?Jan 25, 2026 •By Will HealyThis Telecom Stock Could Be a Surprising Long-Term Winner as Artificial Intelligence Adoption AcceleratesJan 15, 2026 •By Josh Kohn-LindquistStock Market Today, Jan. 15: Nokia Rises After Morgan Stanley Upgrade on AI and Cloud Growth PotentialJan 13, 2026 •By Lyle DalyShould You Bet $1,000 on Nokia Before It's Too Late?Dec 19, 2025 •By Robert IzquierdoIs Nokia a Must-Own Stock for 2026?About the AuthorAnders Bylund is a contributing Motley Fool media and technology analyst covering semiconductors, cloud computing, internet infrastructure, quantum computing, and streaming media. Previously, Anders was a systems administrator for Nielsen Technology and CSX, gaining hands-on experience with enterprise-class systems. He was also a freelance writer for Ars Technica, TIME, USA Today, CNN, WIRED, and AOL's Daily Finance. He holds a bachelor’s degree in English and a master’s degree in library and information sciences from Florida State University. He believes in coyotes and time as an abstract.TMFZahrimX@TMFZahrimStocks MentionedNokiaNYSE: NOK$7.77 (+2.24%) $+0.17S&P 500 IndexSNPINDEX: ^GSPC$6909.51 (+0.69%) $+47.62*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.