Oddo BHF reaffirms its 'outperform' rating on Kalray, with a price target reduced from 28 to 22 euros, taking into account the dilution associated with the creation of new shares in order to complete a combination between Kalray and Israeli company Pliops.

Kalray has announced exclusive negotiations for a tie-up with Pliops, which would enable them 'to pool their technologies and especially optimize Kalray's next-generation chip, Dolomites, due for release in late 2025', according to the analyst.

Although this announcement seems to have many positive aspects, there are nevertheless certain risks to be noted', moderates Oddo BHF, which also points to the warning issued by Kalray in the first half of 2024, leading it to lower its forecasts for the company.

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