Melexis up after 'resilient' results amid automotive weakness

Melexis NV

31/07/2024 09:06

** Shares in Melexis  MLXS.BR  rise 5%, to the top of
Belgium's BEL 20  .BFX  index, after the firm, which supplies
semiconductors and sensors to automotive customers, posted a
slight beat on its Q2 results and confirmed its outlook, despite
struggles in the sector
    ** "We believe the results are quite resilient given the
weakness in automotive semis," ING analyst Marc Hesselink says
in a note, adding the results come as a "relief"
    ** Analysts at Jefferies say the Belgian firm is "showing no
signs of the incremental weakness in automotive chip demand that
has impacted most other peers"
    ** Still, they note that the weak broader trends continue to
be a concern
    ** Stock is at the top of Belgium's BEL20  .BFX  index 
    

 (Reporting by Nathan Vifflin)
 ((nathan.vifflin@thomsonreuters.com; +48 58 769 67 13;))