Jefferies double cuts Nordic Semiconductor on overestimated 2026 growth expectations

Nordic Semiconductor ASA

18/06/2025 08:28

** Jefferies double downgrades Norwegian wireless chipmaker Nordic Semiconductor NOD.OL to "underperform" from "buy",  citing overestimated 2026 growth expectations

** Stock is down around 4% at 0720 GMT; it was up 39% YTD up to Tuesday's close

** "We believe that current sell-side estimates for 2026 are too high," the broker says

** It adds that the market is likely extrapolating super-normal growth rates experienced during COVID into the medium term

** Jefferies notes inventories have normalized, while revenue growth is essential to defend the company's premium valuation

** Its 2026 EBITDA estimate is 13% below consensus with a PT of NOK 102 as it anticipates the stock to de-rate

** Out of 14 analysts that cover Nordic Semiconductor, seven rate the stock "buy" or "strong buy," five rate it "hold" and two "sell" or "strong sell" - LSEG data

 (Reporting by Anna Chaberska)

 ((Anna.chaberska@thomsonreuters.com;))