Nordic Semiconductor (Buy, TP: NOK174.00) - Still appears set for a pivotal year
While we see data points suggesting the strong Q4 results and Q1 guidance are probably seeing some tailwinds from pre-emptive demand pull-forward ahead of tariffs and intensifying trade tensions, we believe underlying momentum is materially stronger than we forecast and thus have significantly raised our estimates across the board for 2025–2026. Therefore, while we see some risk to the magnitude of sequential growth in Q2–Q3e not being in line with normal patterns, we continue to expect 2025 to be a year where the perception-reality gap on the company’s competitiveness and financial trajectory start to converge. Hence, we reiterate our BUY and have increased our target price to NOK174 (145).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.
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