Jefferies lifts Nordic Semiconductor to 'hold' on stronger demand

Nordic Semiconductor ASA

06/02/2026 12:49

** Jefferies upgrades Norwegian fabless chip maker Nordic Semiconductor NOD.OL to "hold" from "underperform" as concerns about 2026 growth are easing due to strong customer demand

** Customer demand is proving stronger than expected, reducing worries about delays in sales from the company's nRF54 chips in 2026, it says

** The company's customers sold more products than expected at the end of 2025 and are ordering sooner than usual in 2026 amid concerns about possible shortages of chips and memory components, it adds

** Nordic Semiconductor expects about $185 million in sales in Q1 2026, about 9% higher than the previous quarter, Jefferies says

** The broker now expects the company's sales to grow by around 18% in 2026, up from a previous estimate of 13%

** However, the brokerage warns that profits could be pressured if salaries rise, if Nordic Semiconductor makes acquisitions, or if spending increases on new wireless technologies

** Out of 16 analysts that cover the stock, eight rate it "strong buy" or "buy", six rate it "hold", and two rate it "sell"

 (Reporting by Marta Frackowiak)

 ((marta.frackowiak@thomsonreuters.com))