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X-Fab: Degroof Petercam reduces its target price

( - On Tuesday, Degroof Petercam reiterated its buy recommendation on X-Fab, but lowered its price target from 12 to 10 euros in view of the "transition" year ahead for 2024.

The Belgian investment house expects the foundry's growth to slow this year, due to the destocking movement affecting the market and the intensification of its investments.

While this outlook has led Degroof Petercam to revise its sales and earnings forecasts for 2024 and beyond downwards, it stresses that this spending should ultimately support growth and margins in the medium and long term.

In its view, the main catalyst for the Group's growth remains the rise of semiconductors in the automotive sector, which accounts for around 60% of the company's sales, driven in particular by electrification, autonomous driving and vehicle personalization.

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