Nordic Semiconductor (Buy, TP: NOK174.00) - Near-term momentum likely ...

While the effects of trade tensions and tariff upheaval remain uncertain, our discussions with industry sources suggest strong, improving order momentum in Q1. Moreover, we expect the recently announced 90-day tariff pause to drive pull-forward of US imports. This has led us to shift our estimates from H2 towards H1. Beyond tariff-induced pull-ins, Dexcom channel replenishment dynamics remain one company-specific source of uncertainty to watch, while we estimate a limited effect. We remain sligh...

Two birds with one (very tiny) stone

Nordic Semiconductor (Buy, TP: NOK174.00) - Still appears set for a pi...

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 ...

Significantly better than modest growth

Strong Q1 guidance to lift 2025 estimates

Silicon Labs Q4: upside to Q1

Nordic Semiconductor (Buy, TP: NOK145.00) - Perception-reality gap set...

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 competitivene...

Logitech: 10% growth for relevant segments

IT Norway Q4e: growth at reasonable prices

Low expectations for '25e

Positive news for NOD's healthcare segment

Post-Q3 drop gives buying opportunity in Link and Pexip

Announces two new chips in the 54L-Series

Garmin Q3: Wearables up 26% y-o-y

Nordic Semiconductor ASA: 4 directors

Four Directors at Nordic Semiconductor ASA bought 137,440 shares at between 102.640NOK and 104.640NOK. The significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's dir...

Moving up the food chain

Dexcom: Higher growth in Q4

Revenue and Q4 guidance mostly as expected

Logitech: 8% growth in relevant segments

Nordic Semiconductor (Buy, TP: NOK140.00) - Not its first intermezzo

The recent CMD revealed a mismatch between our pre-CMD estimates and the company’s indications of 2025 short-range business top-line momentum, seemingly partly due to a new product launch gap between nRF52 and nRF54. Nevertheless, we found the non-financial part of the CMD materials packed with datapoints supportive of our medium- to longer-term view, especially in terms of the performance of new products versus the competition. While we do not find the intrinsic story to have changed, we have c...