Melexis : With a low point now identified, the stock should see a re-rating
>Outperform opinion and target price of € 105 maintained - The stock rallied by 17% yesterday following: 1/ better results than expected (EBIT 5% above forecasts); 2/ confirmation that the bottom was reached in Q1 (quarter-on-quarter growth of ~1% forecast in Q2); and 3/ a similar message conveyed by Texas Instrument (quarter-on-quarter growth in Q2 vs Q1) in an environment where sentiment was negative ahead of the reporting season for groups exposed to the automotive...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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