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Soitec: Oddo raises target price

(CercleFinance.com) - Oddo has maintained its "outperform" rating on Soitec shares, having increased its target price for them to 280 euros, compared with 240 euros previously, justified by sustained growth in the business that is more profitable than expected.


The broker highlights good news on margins and silicon carbide. Its EBITDA margin increased by 640 bp to 36.8% in the first half of the year, driven by very good plant efficiencies and favourable raw material purchasing conditions. However, H2 is likely to be weaker than H1, due to higher raw material costs, Oddo notes.

The analyst also says that in silicon carbide (SmartSiC), developments are accelerating, with the acquisition of the start-up NOVASiC (improved polishing) and the polySiC supply partnership with Mersen (improved energy efficiency).

Oddo says that it is very positive about the stock, with a more optimistic long-term outlook: a long-term perspective seems to be right too, as the share is currently down 5%.



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