Claims by analyst firm EJL Wireless Research that Nokia risks losing T-Mobile as the last major telecom customer in the US signal a moderate downside for the company's sales and operating profit. This is according to Kepler Cheuvreux, Bloomberg News reports.

Kepler points out that EJL has previously been right about its predictions of market changes, and in light of this instead sees a potential upside for rival Ericsson.

Ericsson previously won a major 5G contract with US telecom operator AT&T, which then left Nokia.

Kepler has a hold on Nokia with a target price of EUR 3.7, while Ericsson has a reduce with a target price of SEK 72.

Separately, JP Morgan Chase wrote in a commentary that if Nokia were to lose T-Mobile US, it would mean that the technological turnaround promised by management in the wireless connectivity business "has failed".

T-Mobile said on Tuesday evening that it continues to work with both Nokia and Ericsson.