Melexis : CMD puts the group’s solid outlook back in the spotlight
>Solid CMD – Outperform rating maintained, target adjusted to € 110 (vs € 115) - Melexis yesterday held its CMD in Ypres (Belgium). The stock closed up 4%. While the group did not comment on 2024, it provided more visibility on its product portfolio and its outlook for the medium to long term. The target for long-term growth (>10.5% p.a.) is clearly ahead of expectations (css at +6% p.a. out to 2025). Melexis is, indeed, expected to outperform its addressable market (...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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