Melexis Shifting Gears, Not Expectations
We are revising our rating on Melexis from Buy to Accumulate, while raising our TP to €78 (from €70), reflecting growing confidence that the inventory correction is nearing its end. We still see structural tailwinds over the medium to long term, supported by rising semiconductor content from the modernization of automotive platforms and the increasing adoption of robotics. We welcome the market's shift in focus beyond near-term challenges, with signs that it is beginning to price in the next upcycle; particularly for automotive semiconductor stocks.Nevertheless after the recent strong share price performance, we are adopting now a more cautious stance after previously positioning ourselves ahead of a potential re-rating in automotive semiconductor stocks relative to the broader chip sector over the next 12 months. In this context, we expect Melexis to remain focused on what it can control—navigating current challenges while laying the groundwork for future growth.
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.
We are a financial services provider for several types of professional clients, each with distinct needs.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.