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Investing.com - Deutsche Bank (ETR:DBKGn) raised its price target on Nordic Semiconductor ASA (OL:NOD) to NOK140.00 from NOK115.00 while maintaining a Hold rating.
The price target increase follows Nordic’s stronger second-quarter performance, which showed 28% year-over-year growth and 6% sequential growth, according to Deutsche Bank’s analysis.
Nordic Semiconductor provided third-quarter sales guidance of $165-185 million, representing potential sequential growth of 0-13%, driven by solid momentum in both consumer and healthcare verticals for its largest customers and an ongoing market recovery.
Deutsche Bank noted that inventory replenishment appears to be continuing across the market, though it remains difficult to quantify the degree of pull-in from key customers like Logitech (NASDAQ:LOGI) and Apple (NASDAQ:AAPL), which each represent more than 10% of Nordic’s sales.
The bank also highlighted potential catalysts including a new Apple AirTags launch reportedly coming in September 2025, approximately five years after the original product launch, and encouraging signs of recovery in Nordic’s broader customer base, which had seen revenues approximately 40% below their 2022 peak following inventory corrections and share losses to Bluetooth Low Energy competitors.
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