AT&S AG : Persistent uncertainty in the short term, target price lowered to € 27 vs € 30
>Neutral rating maintained, target price lowered to € 27 vs € 30 - After three successive warnings in the same year, AT&S again reported disappointing results in Q4 2022-23 and guided to FY 2023-24 sales -8% below expectations, which triggered a -3% fall in the share price yesterday. Following this release, which we believe shows that the situation is still challenging on the ABF substrate market (the group’s main market) and that the inventory correction phase is set...AT&S Austria Technologie und Systemtechnik is engaged in the production of printed circuit boards. Co. has three core printed circuit board businesses: Mobile Devices, Automotive and Industrial. Co.'s product assortment ranges from single and double-sided printed circuit boards to multilayer, flexible and rigid, insulated metallic substrate, nucleus, to laser drilled circuit boards. Co.'s products are used as electromechanical linking elements, mainly in the telecommunication sector, automobile industry and medical technology applications, defense and aerospace.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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