Jefferies lifted Nordic Semiconductor ASA from underperform to hold after easing concerns over its nRF54 platform timing. The brokerage cited stronger near‑term demand, noting customers sold more than expected in Q4, pushing orders into early 2026. This shift signals a healthier revenue outlook for investors.

Nordic guided first‑quarter revenue to $185 million, implying 9% sequential growth versus the fourth quarter. Jefferies said this exceeds typical seasonal declines, which usually fall in the mid‑to high‑single‑digit range. The upgrade reflects reduced top‑line risk for analysts and investors alike and market watchers today now.

Jefferies lifted its 2026 revenue growth forecast to 18% from 13% and raised EBITDA to $108 million, citing higher sales and reinvestment. The firm also bumped the price target to NOK141, up 7% from the prior close, based on a 17.5× EV/EBITDA exit multiple for shareholders.

The upgrade underscores Nordic’s resilience amid component shortages and macro inventory shifts. Investors should watch operating‑expense trends, as higher payroll and FX costs could temper profitability. Analysts expect the nRF54 adoption to accelerate in 2026, potentially boosting future margins for long‑term growth prospects today.