European Chip Stocks Still Face Inventory Glut -- Market Talk

Dow Jones10-10

0835 GMT - European semiconductor companies with limited exposure to artificial intelligence are still grappling with an inventory glut before demand begins to improve next year, Citi analysts write in a note to clients after lowering their target price for several stocks. While demand for AI semiconductors keeps booming, manufacturers of consumer devices like smartphones and laptops, electric vehicles and industrial equipment stockpiled on the chips they needed years back and aren't placing as many orders now with chip makers. Citi analysts cut their target price for Infineon Technologies to 40.00 euros from 45.00 euros. They also cut their target price for STMicroelectronics to 36.00 euros from 44.00 euros and for Soitec to 97.00 euros from 120.00 euros. (mauro.orru@wsj.com)

(END) Dow Jones Newswires

October 10, 2024 04:36 ET (08:36 GMT)

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