Don't count Nokia out just yet—the smartphone developer is poised to make a comeback this year, with some investors saying that its stock could be a hidden gem.

Despite struggling to remain competitive over the last couple of years, Nokia has somehow managed to stay alive in the smartphone market. Even after its stock collapsed by nearly 50% due to the coronavirus pandemic, it was able to bounce back completely, making a full recovery at almost the same speed as the losses.

The opportunity for Nokia to shine comes after LG Electronics' recent announcement that it would no longer be producing new smartphones. While Nokia may not be able to compete with today's industry giants, it could still find success by filling the void left by LG with a brand-new offering of smartphones.

Nokia is coming out with six smartphone models that will be spread across three series: C, G, and X. The C-series will include entry-level models, the G-series will include mid-level models, and the X-series will feature premium-level models. While these will not necessarily be flagship products, they could serve as a decent alternative to other options on the market, such as Samsung's cheap 5G Galaxy A smartphones.

According to T-Mobile's latest earnings report, the smartphone industry appears to be stable at the moment, so right now is a good time for Nokia to get back into the playing field. Although its stock has fallen considerably since the pandemic started, it's unlikely that there will be a "lower-low" anytime soon, and thus things could start looking up for the company. InvestorPlace's Nicholas Chahine says these pandemic conditions are the base from which the bulls can engineer a comeback.

"The macroeconomic conditions have not improved much and this has to work within it," he adds. "The globe is still wrapped up in a hideous virus situation. Going into the colder months, infection rates are expanding and we still await a vaccine. Until then, Nokia’s business will continue to face headwinds."

With that in mind, it's difficult to tell whether or not these new line-ups will be enough to keep Nokia afloat. Even though the C, G, and X products will be priced reasonably below $500, consumers are still more likely still gravitate towards products such as Apple's iPhones or Google's Pixel phones, which are staples in this day and age. Investors will just have to wait and see if Nokia can save itself this time around.