Soitec: Stifel reduces target price
(CercleFinance.com) - Stifel maintains its 'buy' rating on Soitec shares, while reducing its target price for them to E170 (from E180), after reducing its FY2023-24 EPS guidance for the semiconductor materials group by a further 14.
8%.
"This cut reflects the most recent data points which suggest another deterioration in smartphone demand and a prolonged period of inventory digestion in the supply chain," the broker said.
Stifel expects Soitec to update its outlook for 2023-24 in the coming quarters, although believes that such a revision is already expected by investors, given the stock's underperformance since its last release.
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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.
8%.
"This cut reflects the most recent data points which suggest another deterioration in smartphone demand and a prolonged period of inventory digestion in the supply chain," the broker said.
Stifel expects Soitec to update its outlook for 2023-24 in the coming quarters, although believes that such a revision is already expected by investors, given the stock's underperformance since its last release.
Copyright (c) 2023 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.