X-Fab Silicon initiated with a Market Perform at Bernstein

Bernstein initiated coverage of X-Fab Silicon ( XFABF ) with a Market Perform rating and EUR 5.50 price target The firm says X-Fab offers an attractive profile as a predominantly sole-source supplier to its client base in legacy-node foundry services, but its high capex requirements, uncertain pay-back on largescale investments, and significant exposure to cyclical volatility are a significant deterrent to a more constructive stance at this point.

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• Balanced View on X-FAB: Attractive Legacy-Node Positioning Offset by Capex, Cyclicality, and Chinese Capacity Risks, Justifying a Hold Rating