Soitec: stock in demand, with broker saying 'buy'
(CercleFinance.com) - Soitec shares are one of the strongest performers on the SBF 120 index in Paris on Wednesday, benefiting from a buy rating from analysts at New Street Research.
At 10.30am, the stock was up almost 5%, making it the fifth biggest gainer on the SBF, which was pretty flat (+0.3%) at the same time.
New Street, an independent broker specialising in growth stocks, has initiated its coverage of the stock today with buy rating and target price of 190 euros.
The broker said that Soitec can post growth of over 20% p.a., driven by the continued development of the 5G market, the deployment of the Internet of Things (IoT) and the increasing adoption of its "SmartCut" process in the silicon carbide business.
The share's rise is also occurring against a backdrop of rising technology stocks in Europe following the reassuring results published yesterday evening by both Microsoft and Alphabet.
Copyright (c) 2022 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.