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Research Alert: Nokia: Q1 2026 In Line, Optical Networks Strength And Ai Demand Support Growth

-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

Nokia's Q1 2026 results were in line with expectations, with comparable net income of EUR295M (+93% Y/Y) and operating profit of EUR281M (+54% Y/Y), contributing 17% of 2026 consensus estimates. Revenue reached EUR4.5B (+4% Y/Y constant currency), supported by AI-related demand but offset by telecom weakness and FX headwinds. Network Infrastructure drove growth with revenue up 6% to EUR1.8B, led by Optical Networks rising 20% to EUR821M on hyperscaler and AI demand, while Mobile Infrastructure delivered modest 3% growth to EUR2.5B, with operating margin expanding 380bps to 8.9%. Management maintained its full-year 2026 comparable operating profit guidance of EUR2.0B-EUR2.5B and raised Network Infrastructure growth expectations to 12%-14% from 6%-8%, reflecting stronger AI & Cloud momentum. We believe the outlook remains supported by AI-driven demand with gradual margin expansion expected, though performance remains tied to telecom capex recovery and regional demand variability, particularly in North America.

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Research Alert: CFRA Maintains Hold Opinion On Shares Of Cleveland-cliffs Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We cut our 12-month target by $2 to $10, on an EV/EBITDA of 8.0x our 2027 EBITDA estimate, below CLF's three-year avg. fwd EV/EBITDA of 8.6x and below peers' avg. of 8.8x. We keep our 2026 estimate at a loss per share of $0.39 and we lower our 2027 EPS forecast by $0.26 to $0.55. We forecast sequential improvement through 2026 as trade enforcement supports domestic steel pricing and demand strengthens, particularly in automotive. We anticipate positive free cash flow generation starting in Q2 2026, with Q3 representing the company's full earnings power given minimal outages. Key tailwinds include steel import volumes at post-financial crisis lows, aluminum-to-steel substitution gaining momentum across automotive and other sectors, and extended lead times reflecting healthy market conditions. However, we remain cautious on CLF's elevated leverage (net debt of $7.7 billion) and execution risk on the pending POSCO transaction. We think a Hold rating is appropriate until CLF demonstrates sustained EBITDA growth.

$CLF
Australia

Intel Posted Solid Q1 Results, but Recovery Already Priced Into the Stock, BofA Says

Intel (INTC) posted solid Q1 results, but the company's recovery is well-priced into the stock, and the foundry segment must prove to external clients amid diversification away from Taiwan Semiconductor Manufacturing (TSM), BofA Securities said in a Friday research report.Limited memory supply is a challenge to server hardware shipments, while new foundry deal wins will need more capex, pushing out breakeven beyond the end of 2027, according to the note.The brokerage said it raised its 2026, 2027, and 2028 EPS forecast to $1.04, 1.58, and $2.25, respectively, from $0.63, $1.14, and $1.50 earlier.Despite near-term benefits from rising demand for server central processing units, rival Advanced Micro Devices (AMD) likely has a better x86 server CPU product, analysts wrote.The brokerage said it reiterated its underperform rating on the stock and adjusted its price target to $56 per share from $48.Price: $82.20, Change: $+15.42, Percent Change: +23.09%

$AMD$INTC$TSM
Australia

JPMorgan Adjusts Invesco Price Target to $25 From $30, Maintains Neutral Rating

Invesco (IVZ) has an average rating of overweight and mean price target of $26.82, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $25.47, Change: $+0.09, Percent Change: +0.37%

$IVZ