(News Bulletin 247) – Stifel reaffirms its ‘buy’ recommendation on Soitec, while lowering its price target from 190 to 180 euros, after a profit warning issued at the end of last week by the manufacturer of semiconductor materials.
The broker cut its estimated EPS for the 2024 fiscal year (ending March) by 7% after the weaker-than-expected outlook posted by Soitec, which it explains ‘mainly by inventory digestion and continued weakness in the stock market. smartphone’.
Stifel expects consensus expectations for FY2024 to be cut significantly (namely by more than 20%), but he says he continues to view Soitec as ‘a long-term growth case’.
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