Nordic Semiconductor (Buy, TP: NOK145.00) - Perception-reality gap set to close
We believe 2025 could be the first – and last – year in the next product/technology cycle before the gap between the group’s reported and fundamental competitiveness versus its peers starts to close and the market shifts from being concerned about loss of market share for its nRF52 series towards optimism for its nRF54 series. However, while the market backdrop and downstream inventory are increasingly looking supportive, we still see ongoing near-term legacy risks related to nRF52 competitiveness and potential customer dual-sourcing. In sum, we see a positive risk/reward bias for 2025 and potential tailwinds to Q4–Q1, in particular from order ‘pull-ins’ amid tariff concerns at some customers. We reiterate our BUY and NOK145 target price.Nordic Semiconductor is a fabless semiconductor company which designs, sells and delivers integrated circuits and related intellectual property for use in short-range wireless applications. Co. is engaged in ultra-low power wireless solutions, based on its proprietary 2.4 Gigahertz Radio Frequency and Bluetooth Smart technology. Co.'s components are manufactured by subcontractors and sold through electronics distributors to manufacturers of branded electronics across a range of product categories. These categories include personal computer and tablet accessories, sports/health monitors, mobile phone accessories, media remote controls, home and industrial automation, and other applications.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.