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...

The power of (a few) words

CMD: dissapointing '25e guidance

BLE market to double by 2028

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).

Taking market share

Q3 guidance 10% above cons