NOD reported Q3 results above the high end of its recent revised guidance range, driven by strong BLE growth at 56% y-y. The backlog improved further to USD 288m (Q2: 202m and + 154% y-y), supporting strong Q4 and Q1 results – with Q4 guidance now looking conservative. We maintain our Buy rating and increase our target price to NOK 140 (125). Besides strong organic growth, we expect acquisitions to expand into combo solutions which could include Wifi.
21 Oct 2020
Q3: Continuing the step change in the backlog
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Q3: Continuing the step change in the backlog
Nordic Semiconductor ASA (NOD:OSL) | 0 0 0.0%
- Published:
21 Oct 2020 -
Author:
Henriette Trondsen -
Pages:
13
NOD reported Q3 results above the high end of its recent revised guidance range, driven by strong BLE growth at 56% y-y. The backlog improved further to USD 288m (Q2: 202m and + 154% y-y), supporting strong Q4 and Q1 results – with Q4 guidance now looking conservative. We maintain our Buy rating and increase our target price to NOK 140 (125). Besides strong organic growth, we expect acquisitions to expand into combo solutions which could include Wifi.