SEB raises Nordic Semi to 'buy' on chip launch, growth prospects
30/09/2024 09:22
** SEB upgrades Nordic Semiconductor NOD.OL to "buy" from
"hold," driven by nRF54 chip series ramp-up, long-term growth
prospects, and potential gains from Cellular segment divestment
** Brokerage lowers TP to NOK 135 from NOK 140, as it sees
external factors rather than competitive issues driving a
cautious 2025 outlook for the Norwegian fabless chip maker
** Brokerage expects the nRF54 chip series to drive revenue
growth and accelerate the company's performance in 2026
** Notes a potential divestment of its Cellular business
segment, which could add NOK 10-20 per share, providing
additional upside for the stock
** SEB forecasts 17% annual growth for Nordic Semi's
Short-Range segment through 2034, strengthening its position in
the internet-of-things market
** Shares in Nordic Semiconductor are down 1.5% at NOK
104.45, as of 0820 GMT
(Reporting by Jesus Calero)
((Jesus.calero@thomsonreuters.com))