Barclays starts coverage of Apple supplier IQE at 'overweight'

Alexander Bueso WebFG News | 04 Dec, 2017 16:48 | | |

apple conferencia 12 septiembre 2017

IQE

148.75

16:05 15/12/17
-4.19%
-6.50
  • 172.76
  • 0.31%0.54
  • Max: 173.68
  • Min: 172.46
  • Volume: 14,936,276
  • MM 200 : n/a
16:05 15/12/17
  • 24,619.14
  • 0.45%110.48
  • Max: 24,211.48
  • Min: 24,211.48
  • Volume: 0
  • MM 200 : n/a
16:05 15/12/17
  • 2,669.17
  • 0.24%6.32
  • Max: 2,672.33
  • Min: 2,659.14
  • Volume: 0
  • MM 200 : n/a
16:05 15/12/17
  • 6,423.61
  • 0.53%33.71
  • Max: 6,428.92
  • Min: 6,405.03
  • Volume: 0
  • MM 200 : n/a
16:05 15/12/17
  • 1,183.81
  • 0.30%3.57
  • Max: 1,184.90
  • Min: 1,180.18
  • Volume: 0
  • MM 200 : n/a
16:05 15/12/17
  • 1,027.43
  • -0.00%-0.00
  • Max: 1,027.43
  • Min: 1,027.43
  • Volume: 0
  • MM 200 : n/a
17:17 14/12/17
  • 1,016.25
  • 0.14%1.46
  • Max: 1,016.55
  • Min: 1,013.24
  • Volume: 0
  • MM 200 : n/a
16:05 15/12/17
  • 5,814.43
  • 0.12%7.22
  • Max: 5,818.27
  • Min: 5,766.58
  • Volume: 0
  • MM 200 : n/a
16:05 15/12/17
  • 5,202.74
  • 0.03%1.80
  • Max: 5,207.96
  • Min: 5,180.45
  • Volume: 0
  • MM 200 : n/a
16:05 15/12/17
  • 0.00
  • 0.00%0.00
  • Max: n/a
  • Min: n/a
  • Volume: n/a
  • MM 200 : n/a
17:17 25/09/06

Trading on 24 times' their estimates for its earnings per share in 2020, stock in IQE was on a 'premium' valuation but it did not look stretched, analysts at Barclays said.

In particular, the sole supplier of epitaxial wafers to Apple was set to see "substantial" near-term growth in the market for 3D sensors, the analysts said.

Reflecting that, the stock had run-up by 359% year-to-date.

Even so, given their estimates for a compound annual rate of growth in EPS of nearly 40%, Barclays sounded a bullish note, initiating coverage at 'overweight' and setting a target price of 210p.

"IQE as the leading supplier of epitaxial wafers is a key beneficiary of emerging growth in 3D sensors. Today IQE is the sole supplier of epiwafers to Apple's TrueDepth 3D camera and we see it as well positioned to grow rapidly due to both its Apple exposure and positioning with fast followers."

More news

16:06 Airbus chief executive to step down in board shake-up

The chief executive of French planemaker Airbus will step down from his position in 2019 as the company announced a major shake-up of its management team.

16:06 FTSE 250 movers: TalkTalk rises but Serco gives back gains

London’s FTSE 250 was up 0.1% to 20,023.23 in afternoon trade on Friday as the Christmas lull kicked in.

16:05 US industrial production rises slightly less than expected in November

Industrial production in the States rose slightly less quickly than expected last month, despite higher output of business equipment and materials.

16:03 Strategic Minerals renegotiates acquisition of Leigh Creek Copper Mine

Diversified mineral production and development company Strategic Minerals announced on Friday that, after the successful completion of technical and financial due diligence on the Leigh Creek Copper Mine company, it has agreed to continue with the acquisition on renegotiated terms.

15:54 FTSE 100 movers: Sky jumps but retailers retreat on H&M sales

London’s FTSE 100 was up 0.3% to 7,469.23 in quiet afternoon trade on Friday.

15:49 Gfinity partners with Microsoft for next Halo World Championship

International esports entertainment group Gfinity has been named as a preferred event partner to Microsoft for the forthcoming ‘Halo World Championship 2018’ for the next season, it announced on Friday.

15:46 Hutchison Chi-Med begins fruquintinib trial in US

Hutchison China MediTech, known as Chi-Med, has initiated the United States Phase I bridging clinical trial of fruquintinib, it announced on Friday.

14:50 Ceres Power upbeat ahead of half-year point

Solid oxide fuel cell technology developer Ceres Power Holdings updated the market on its trading ahead of the end of the six month period to 31 December on Friday.

14:46 Conviviality offers failed P&H £25m for 109 stores

Independent alcohol wholesaler and distributor of alcohol and impulse products Conviviality announced on Friday that its wholly-owned subsidiary Bargain Booze has offered to acquire the business and assets of 109 convenience stores, and the rights as franchisor of a further 18 franchisee-operated stores trading under the fascia 'Central Convenience'.

14:43 Nektan's Respin signs deal with Seven Feathers Casino

Respin, a wholly-owned subsidiary of Nektan, has reached an agreement with Seven Feathers Casino Resort in Oregon.