Melexis FIRST LOOK: Nice set of 1Q24 results, guidance reiterated
Despite the turmoil in the automotive semiconductor market recently, Melexis highlighted that the inventory corrections in some product lines throughout the past few quarters are now gone. Melexis mentioned even an “ever-increasing demand for automotive semiconductors addressing electrification and the increasing need for comfort and safety applications”.We reiterate our Accumulate rating and maintain our € 110 TP as Melexis highlighted that the cost optimization measures taken in 4Q23 will ensure further growth in the future, in line with the two-pronged strategy of ‘automotive' and ‘beyond automotive'.
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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