Jefferies analyst Om Bakhda double downgraded Nordic Semiconductor (NDCVF) to Underperform from Buy with a price target of NOK 102, down from NOK 164. The firm believes current sell-side estimates for 2026 are too high now that inventories have now largely normalized across Nordic’s end markets. Jefferies sees cuts to 2026 growth expectations, and expects the shares to underperform over the next 12 months.
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