Is Nokia A Buy? Analyzing The Lockheed Martin Deal And Q4 2026 Outlook

Nokia Oyj (NYSE:NOK) shares are edging higher Monday morning as traders lean into deal-related optimism around the company's defense-focused networking push. Here’s what investors need to know.

• Nokia shares are trending higher. Why is NOK stock trading higher?

What Is Nokia’s Partnership With Lockheed Martin?

Nokia recently announced a partnership expected to close in the fourth quarter of 2026 with Lockheed Martin to enhance secure communications for U.S. and allied defense forces, including modular 5G capabilities for military vehicles. The collaboration also includes joint initiatives tied to 6G, AI, and wireless edge technologies.

Nokia's defense narrative is also colliding with a key caveat: the Lockheed Martin collaboration was described as not financially material, which helps explain why the stock could swing sharply day-to-day even with the same headline in play.

Meanwhile, in its most recent report, Nokia posted net sales of $5.26 billion (up 4% year over year) but missed consensus estimates of $5.40 billion, while EPS came in at 6 cents and was below expectations despite rising 67% year over year.

Nokia Stock: Key Levels To Watch

From a longer-term trend perspective, Nokia is still in a strong uptrend, up 146.54% over the past 12 months and trading well above its major moving averages. At $13.09, the stock is trading 14.6% above its 20-day SMA ($11.43) and 94.5% above its 200-day SMA ($6.74), which is the kind of separation that often attracts momentum buyers but can also raise the odds of sharper pullbacks.

For momentum, MACD is the cleaner read right now: it's above its signal line with a positive histogram, which points to improving momentum versus the prior downswing. In plain terms, when MACD is above its signal line, it suggests downside pressure is fading and buyers are regaining control.

• Key Resistance: $13.98 — the 52-week high, which is the nearest obvious ceiling if the premarket strength carries into the open
• Key Support: $11.43 — aligns with the 20-day SMA, a common "first test" area if price starts mean-reverting

Nokia Benzinga Edge Rankings Explained

Below is the Benzinga Edge scorecard for Nokia, highlighting its strengths and weaknesses compared to the broader market:

• Momentum: Bullish (Score: 95.9) — The stock is showing strong trend persistence versus the broader market.
• Quality: Strong (Score: 75.81) — The fundamentals screen as steady, which can help support the trend during pullbacks.
• Value: Neutral (Score: 41.98) — The stock doesn't screen as cheap, so buyers are paying up for execution and momentum.
• Growth: Neutral (Score: 69.77) — Growth is supportive, but the story is still leaning more on momentum than pure growth acceleration.

The Verdict: Nokia’s Benzinga Edge signal reveals a momentum-driven profile with supportive quality metrics, which fits a stock that's been trending higher for months. The trade-off is valuation sensitivity—if growth or deal progress disappoints, the stock can reprice quickly because expectations are already elevated.

Nokia Stock Price Action Monday Morning

NOK Stock Price Activity: Nokia shares were up 1.17% at $12.97 Monday morning, according to Benzinga Pro data.

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