"We remain confident IAR’s substantial investments in IoT security and RISC-V should accelerate sales growth, as these markets are seemingly ramping up worldwide (albeit from a low base). We expect proof of this in 2020e to contribute to a share price re-rating but we have lowered our fair value to SEK230–275 (250–300), after cutting our 2020–2021e EBIT by 5%."

Link to commissioned research below.