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Soitec: 'Back down to Earth' Deutsche Bank says

(CercleFinance.com) - This morning Deutsche Bank confirmed its "hold" rating on the Soitec share, which has fallen by 20% in the past week.

Believing this is a "Back down to Earth" story, analysts have cut their target price from 92 euros to 88 euros (current price 91.60 euros).

"Deutsche" believes that the group's latest publications are materialising its fears about the sustainability of growth in FD-SOI, one of Soitec's substrate families.

According to analysts, the market was over-optimistic about FD-SOI, especially as only one client, Global Foundries, represents 36% of the group's sales, and that its competitor TSMC is proving aggressive in its pricing.

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