Here is an interesting question - your 2 cents welcome
In a perfect/ reasonable scenario, the stock could climb to around $5 over next 12 months. That assumes your hypothesis. That is assuming earnings start heading in the other direction and revenue losses stop. That is further away then you think. The odds of a pop to $8 or higher would make Nokia one of the rarest comeback ever. The problem is none of the hallmarks of that happening are present. I don't think minus massive cash burn this quarter that we see the price leave the $2.25 to $2.75 range. You might just be seeing the new normal for nokia.
In reality, valuation often has little to do with share price. Potential for price appreciation is what determines share price. We have all seen stocks skyrocket without regard for value. It's their perceived potential that is responsible. Nokia has to change its "persona" much like Apple had to do before the iPod. All it takes is one innovation and it doesn't have to be a phone. That will come this spring. That's where price the appreciation will come from. The perception of Nokia will change and they will be seen as an innovator again. Investors will see "Potential".
That is true in the short ( 3 months ) term, but rarely in the long term. Real wealth is unearthed long term with solid fundamentals. This stock could climb to $5 easily. If the fundamental start presenting themselves then I can buy at $5 and see real appreciation. Poking in the dark at these levels is a receipe for disaster.