Nordic Semiconductor (Buy, TP: NOK180.00) - Still more to go
We have raised our 2024–2026 estimates materially, as the Q3 outlook implies even stronger sell-in catch-up. While management noted better-balanced distributor inventories, we believe it was too cautious on how much digestion is still weighing on the top line, as datapoints indicate there is still further to go to achieve true balance. Thus, we see more upside potential in the quarters to come; we reiterate our BUY and have raised our target price to NOK180 (160).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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