Morgan Stanley analyst Charlie Chan downgraded MediaTek to Equal Weight from Overweight with a price target of NT$698, down from NT$800. The analyst said that, without new growth drivers in 2023, the company may have a very limited cushion of price cuts in low-end 5G SoC. Chan added that, in some cycles, new end-markets could support MediaTek’s valuation, but in 2023, he also does not see meaningful progress in the company’s WiFi 7, ASIC business, Arm-based CPU, and automotive IC.
Published first on TheFly
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