Q2‘26 First Take: AI & Cloud orders off the charts. The lack of an FY26upgrade may be a concern-20260723

J P M O R G A N Europe Equity Research 23 July 2026 Nokia NOKIA.HE, NOKIA FH Price (22 Jul 26):€9.17 Price Target (Dec-27):€18.00 European Tech Hardware & Payments Sandeep Deshpande AC (44-20) 7134-5276 sandeep.s.deshpande@jpmorgan.com Craig A McDowell (44-20) 7742-4576 craig.mcdowell@jpmorgan.com Anthony Girard (44-20) 3493-6469 anthony.girard@jpmorgan.com J.P. Morgan Securities plc Specialist Sales contact details: Scott Silver - Specialist Sales - European TMT (44-20) 7134-0412 scott.silver@jpmorgan.com ...