Melexis : 2023 guidance far above estimates, but with upside
>Outperform recommendation reiterated, target price raised to € 112 (vs € 110) - Following the Q4 2022 publication (link to our initial reaction), we reiterate our Outperform rating and slightly raise our target price to € 112 (vs € 110), increasing our 2023-2024e EPS estimates (we were already 9% above the consensus). The share price was stable yesterday despite 2023 guidance far outstripping forecasts (8% above for EBIT). Given the sharp increase in the share price ...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.
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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