'Into the IoT upcycle': Jefferies ups Nordic Semiconductor to 'buy'

Nordic Semiconductor ASA

29/04/2024 11:15

** Jefferies upgrades Nordic Semiconductor  NOD.OL  to "buy"
from "hold", expecting the Norwegian fabless chip maker to be a
key beneficiary of the IoT trend in the near and medium term
    ** IoT will be one of the fastest growing end markets in the
next five years, it says, adding the company's new CEO, Vegard
Wollan, is well equipped to navigate the upcoming growth
    ** The brokerage expects industry developments, such as
connectivity standard Matter and shared network Amazon Sidewalk,
to accelerate that trend, with Nordic Semiconductor set for an
expansion in total addressable market
    ** Jefferies sees a sharp acceleration in Q2 led by
re-stocking, seasonality and healthy end demand, particularly in
the group's Consumer business
    ** The company is expecting a return to typical seasonality,
which the broker says implies sequential sales growth in Q1-Q3
    ** The stock is up 4.8% at 1000 GMT 
    ** Out of 13 analysts that cover the Nordic Semiconductor
stock, seven rate it "strong buy" or "buy", and six "hold"

 (Reporting by Marta Frąckowiak)
 ((gdansk.newsroom@thomsonreuters.com; +48 58 7696600;))