Soitec shares dip on profit warning

Oct 18, 2011 - The shares in French silicon-on-insulator wafers maker Soitec (EPA:SOI) had dipped by 15.33% to EUR 3.882 on Euronext Paris at 1035 CET after the company issued a profit warning.
Soitec said it expects a current operating loss for the first half of fiscal 2011/12, ending March, versus a profit of EUR 2.5 million (USD 3.4m) a year earlier.
Over the first six months of the fiscal year, the company generated a revenue of EUR 162.6 million, up 18.4% on the year. That announcement, however, was not sufficient to appease investors.
Oddo Securities was one of the first brokers to react to Soitec's announcement. The analyst lowered today its recommendation on the company to "reduce" from "neutral", cutting the share price target to EUR 3.70 from EUR 4.50 previously.
(EUR 1.0 = USD 1.378)

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