Melexis tops BEL20 index, rises% after Q1 results
24/04/2024 08:28
** Shares of micro-electronic semiconductor supplier Melexis
MLXS.BR rose 15%, to the top of the Belgian Bel20 index
.BFX , after it provided its forecast Q2 sales above estimates,
and said inventory correction in some product lines seen in last
quarters ended
** Melexis, who produces many integrated circuits and parts
for the auto industry was hurt by inventory corrections from car
manufacturers
** Jefferies noted "the ending of the inventory correction
could pave the way for recovery in growth into 2025 and beyond"
** Analyst Marc Hesselink of ING noted the results were a
relief, however warned that pricing pressure from manufacturers
will still persist over the upcoming quarters, and be the key
risk
** The shares are on track for their best day in over 14
years
(Reporting by Nathan Vifflin in Gdansk)
((nathan.vifflin@thomsonreuters.com; +48 58 769 67 13;))