NOD reported solid Q2 results and Q3 guidance, with a record order backlog at USD 202m (+80% y-y and up 64% vs Q1/20) which supports both strong Q3 and Q4 revenues. We expect a continued re-rating driven by short range strength and from 2021 increased confidence in cellular IoT. We make minor estimate changes as our 2H/20 estimates were already well above consensus. We maintain our Buy rating but increase our target price to NOK 110 (88).
14 Jul 2020
Record order backlog signalling a step change
Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
Record order backlog signalling a step change
Nordic Semiconductor ASA (N0S:BER) | 0 0 0.0%
- Published:
14 Jul 2020 -
Author:
Henriette Trondsen -
Pages:
14
NOD reported solid Q2 results and Q3 guidance, with a record order backlog at USD 202m (+80% y-y and up 64% vs Q1/20) which supports both strong Q3 and Q4 revenues. We expect a continued re-rating driven by short range strength and from 2021 increased confidence in cellular IoT. We make minor estimate changes as our 2H/20 estimates were already well above consensus. We maintain our Buy rating but increase our target price to NOK 110 (88).