Melexis : Robust Q2 and 2022 upgrade confirm excellent momentum in the automobile segment and at Melexis
>Outperform recommendation reiterated, TP raised to € 100 from € 90 - In the wake of Q2 2022 figures (Link to our initial comment), we reiterate our Outperform recommendation and raise our target price to € 100 (from € 90) while upgrading our 2022-2023e EPS by 8% on average. The share price rose 10% yesterday on the back of a robust Q2, higher Q3 guidance than expected, and the substantial upgrade to 2022 guidance (7% above consensus). Melexis continues to benefit fro...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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