Melexis - Upgrade to Hold (from Reduce)
Melexis has significantly underperformed the semis sector YTDSector readthrough suggests demand for automotive chips remains solidWe are getting more confident on the company's prospects. Hence we lift our target multiples (which we lowered earlier this year), raise our TP to EUR 99 (from EUR 80), and upgrade to Hold (from Reduce)Melexis designs, develops, tests and markets advanced integrated circuits primarily for the automotive industry. Co. sells its products to a wide customer base in the automotive, medical and industrial markets in Europe, Asia and North America. Co.'s main products are Hall effect ICs, Pressure and Acceleration Sensors, Sensor Interface ICs, Automotive Systems-on-a-Chip, Embedded Microcontrollers, Bus System Chips, Optical and Infrared sensors. In each case the products are primarily developed for automotive applications and designated lead customers with subsequent use in commercial and industrial applications.
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