Oddo BHF maintains its Outperform rating on Soitec shares, with a slightly reduced target price, from 142 to 140 euros.

Oddo BHF reports that during yesterday afternoon's presentation of annual results, Soitec emphasized the success of its product and customer diversification (POI, FD-SOI, SmartSiC...).

The guidance of stable sales in FY 25 was reiterated (vs. -10% in FY 24), with the expected decline in revenues in Mobile Communications to be offset by double-digit growth in Automotive & Industry and Smart Objects.

'We confirm the absence of any significant change in our earnings forecasts (EBITDA unchanged - EPS= -2%)', the broker said.

The analyst continues to believe that the Group's difficulties are essentially linked to RF de-stocking by customers (which is continuing but will come to an end with the recovery of the smartphone market), and that the growth drivers are not in doubt and remain powerful.


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