We reiterate our Buy recommendation and raise our TP to NOK 200/sh (175) following NOD’s Q4 report. The report provided significant relief, with the mid-point of Q1 guidance coming in 14% above pre-quarter consensus. While some of the strength may reflect pull-forward orders driven by rising memory prices, we believe yesterday’s positive share price reaction was justified. To account for potential pull-forward effects, our 2026e revenue estimates are 5.5% below what pre-Covid seasonality would i ....
