The US investment bank JPMorgan has lowered the stock of the network equipment company Nokia to the level of “neutral” (formerly “overweight”). Underlying the recommendation bill are indications that Verizon Communications, a very important customer for Nokia, would be using Samsung as the main supplier of the RAN.

JPMorgan analyst Sandeep Deshpande refers to supply chain data and points out that “Verizon is too significant” a customer to be ignored.

According to data collected by Bloomberg, the American Verizon is Nokia's largest customer and accounts for about 8 percent of the network equipment company's revenue.

According to JPMorgan, the loss of market share would limit Nokia's longer-term turnaround.

Research firm Rosenblatt Securities wrote yesterday that Verizon would be replacing Nokia with Samsung as a 5G RAN provider. The research company did not disclose its data sources.

Nokia's shares have been sold briskly on the Helsinki Stock Exchange today. The stock was down more than 6 percent at half past eleven.