MS downgrades Melexis on 'surprising lack of growth'

Melexis NV

05/02/2026 08:40

** Morgan Stanley downgrades Belgian semiconductor supplier Melexis MLXS.BR to "equal-weight" from "overweight" after the company's flat FY26 guidance broke the broker's growth thesis

** The broker notes the company's forecast for essentially flat revenue in FY26 represents a "surprising lack of growth" that contrasts with a 6.9% growth expectation for peers

** Consequently, MS slashes its EPS estimates for FY26 and FY27 by 21% and 26% respectively, as top-line cuts flow sharply through to the bottom line

** A premium valuation is "no longer warranted", it says and cuts its PT by 31% to EUR 55

** "Adding to the unease is the unexpected loss of a larger customer in the healthcare segment, which raises concerns around customer stickiness," MS adds

** Out of 14 analysts covering Melexis, seven rate it "strong buy"/"buy",​ six "hold" and one "sell" - LSEG data

** Melexis shares slip 2.4%

(Reporting by Clement Martinot)

((Clement.Martinot@thomsonreuters.com;))