Garmin Q1: 24% growth in Wearables

Logitech: higher demand, low inventory

Dexcom: inventory remains high

Out of the woods

We lift '24e sales by 11% and '25e by 5%. Further upside to '25-'26e: estimates still imply revenues below historical trend. BUY: TP up to NOK 135 (125)

SLAB Q1: positive Q2 outlook

Q2 guidance 20-40% above

Nordic Semiconductor ASA: 1 director

A director at Nordic Semiconductor ASA bought 6,000 shares at 98.300NOK and the significance rating of the trade was 70/100. 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 directors over the last two yea...

Nordic Semiconductor (Hold, TP: NOK113.00) - Not completely out of the...

While we see several signs of end markets nearing trough inventory correction, meetings at CES with Nordic customers (noted still-elevated inventory levels), coupled with relatively high DOIs among publicly listed electronics distributors and manufacturers downstream from Nordic Semiconductor, has left us more cautious on its top line near-term. Thus, we have lowered our estimates (now below consensus) and have downgraded to HOLD (BUY), despite still having some optimism for H2.

Nordic Semiconductor (Buy, TP: NOK125.00) - Could get darker before th...

After another mismatch between our below-consensus expectations and reality, as Nordic Semiconductor’s tier 1 customers seemingly start to roll over, we have again materially cut our estimates in the search for trough top-line and earnings momentum. We have lowered our 2024–2025e top line by ~10% and our EBIT by 53–32%, and now factor in a trough for the cycle in Q3 2024, albeit with a deeper bottom. We have cut our target price to NOK125 on our reduced estimates, but reiterate our BUY as we exp...

Nordic Semiconductor (Buy, TP: NOK170.00) - Ripping off the band-aid

There really is no nice way to put this other than to say that we were wrong, and the inventory overhang at the company’s customers was greater than we forecast. Thus, we have materially cut our estimates, but reiterate our BUY as, on the other hand, we do not really see any signs of fundamental weakness beyond management’s and our ability to forecast near-term numbers. We have cut our target price to NOK170 (195).

Nordic Semiconductor (Buy, TP: NOK195.00) - Expectation reset on trans...

After revisiting some of our key base assumptions on product mix and supply dynamics, we have reduced our near- and medium-term estimates significantly, primarily due to headwinds for the company’s ‘legacy’ products and what we are concerned could be a slower process node transition. While we have cut our target price to NOK195 (230) based on lower estimates, we reiterate our BUY as the coming quarters should offer qualitative evidence that the headwinds are transitory.

Northern Lights

Northern Lights

Northern Lights

Nordic Semiconductor (Buy, TP: NOK230.00) - Wafers continue to be the ...

Despite ongoing supply challenges, we expect the Q4 results not to show signs of the price and gross margin pressure expected by the market. We would see any near-term weakness as an opportunity, and reiterate our BUY but have cut our target price to NOK230 (270) on lower estimates.

Nordic Semiconductor (Buy, TP: NOK270.00) - Less supply than we expect...

While Q3 was an excellent quarter in which Nordic Semiconductor continued to deliver several data points substantiating our confidence in its secular growth trajectory, a more challenging wafer supply situation than we had expected has led us to cut our estimates and target price significantly near-term. We reiterate our BUY but have cut our target price to NOK270 (300).

Nordic Semiconductor - Tier 1s drive continued high demand

Demand continues to be higher than supply Almost unchanged ’23e revenue estimate of USD 973m BUY: 13.2x ’22e EBIT and 6.3% FCF yield

Nordic Semiconductor - 28% EBITDA beat, solid BLE demand

EBITDA 28% above cons: strong GM, lower opex Solid BLE demand, but wafer supply a risk to ‘23e target Cons ’22e sales -2%, but EBITDA +3-5%

Northern Lights

Nordic Semiconductor (Buy, TP: NOK300.00) - Cycle-defying

We have made only limited estimate changes ahead of Nordic Semiconductor’s Q2 results and continue to expect incremental data points supportive of USD1bn+ revenues in 2023e. Furthermore, with profit warnings pulling sector earnings down, we could see sentiment nearing a turn for the better, leaving the market out of excuses not to buy into the name’s cycle-defying trajectory. We reiterate our BUY, but have cut our target price to NOK300 (330) on lower peer multiples.