Kinnunen’s updated view on the company. The text also gives a “hold” recommendation for investors who can withstand volatility. 
We are raising Bittium’s target price to €36.0 (previously €32.0), but we reiterate our “reduce” recommendation. The Q2 report was excellent, but we believe the 36% rise, or the increase of over €350M, was exaggerated without new international breakthroughs. The 2026 guidance remained unchanged, and our operational forecasts rose by about 10%, which is why we raised our target price. We believe significant orders are a matter of time in the modernization wave of tactical communications, but our forecasts for the coming years also depend on these orders. We believe the stock’s tight valuation may cause downward pressure while waiting for new international breakthroughs. On the other hand, investors who can handle volatility can stay on board for Bittium’s attractive long-term growth story.