We reiterate our Buy recommendation and investment case in NOD following the Q3 report. While operating expenses came in meaningfully above expectations, the investment case of NOD entering a potential new innovation cycle with a significantly upgraded chip and feature set remains intact with revenue development in line. The gross margin was also up organically and cIoT continues to show traction. We make limited top line adjustments but raise OpEx by 6/5% for 26/27e, resulting in EBITDA droppin ....
