Oddo BHF has reaffirmed its 'outperform' opinion on Soitec, with a price target lowered from 205 to 190 euros, following a visit to the semiconductor materials group's site in Bernin and the Oddo BHF Forum.

While it remains 'very optimistic about the future of the group's technologies (responding to buoyant themes)', the research department notes that, in the short term, the end market for smartphones remains under strong pressure (72% of sales in the first half).

This leads us to adopt a more cautious assumption for organic sales growth in 2024 (+12% vs. +20%) and to lower our EPS sequence for fiscal years 2024 and 2025 (-7% on average)", adds the analyst in charge of the file.

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