J.P. Morgan views Nokia Corporation ($NOK) as a multi-year compounder capable of re-rating to a high-teens earnings multiple, driven by strong AI and cloud momentum. For 2Q26, analysts project revenue of €4,778m and an EBIT beat of 5.7% (€393m), with minor upward revisions applied to FY26–FY28 EBIT and EPS estimates. Growth drivers include expanding IP Networks data center switching wins and AI-exposed optical demand, though potential supply constraints like component tightness may impact the near-term revenue ramp.