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(Sharecast News) - Analysts at Deutsche Bank reinitiated coverage of IQE on Wednesday, arguing that the semiconductor materials group was "hitting its stride" as demand strengthens across several key endmarkets.
Deutsche Bank set a 60p price target for the stock and started it off with a 'buy' rating, noting that IQE was benefiting from "very strong" demand for products used in data centres and AI cloud infrastructure, as well as in military, defence and satellite communications.
The German bank also said the completion of IQE's strategic review had "greatly strengthened" the company's ability to capitalise on opportunities emerging across the aforementioned fastgrowing sectors.
DB added that its outlook was contingent on IQE completing its planned 81m equity and convertible debt fundraising, which the bank expects to close by the end of June.
Reporting by Iain Gilbert at Sharecast.com
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