Nokia Oyj

NOKIA: XHEL (FIN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Communications Infrastructure: Tariffs Hit Data Centers and Equipment Vendors While Towers Trade Up

Samuel Siampaus

Apr 3, 2025

The data center and communications equipment stocks we cover traded down by midsingle digits while investors pushed tower stocks higher in response to the US tariff announcement April 2. We see little risk of material tariff-related headwinds for these businesses, and therefore we maintain our fair value estimates across our coverage.

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Nokia Oyj

Communications Infrastructure: Tariffs Hit Data Centers and Equipment Vendors While Towers Trade Up

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