BofA: Soitec
> Upside Already Priced In: BofA believes Soitec's Photonics-related upside is fully valued by the market. Consensus expectations imply a high growth rate that already prices in acceleration from Near/Co-Packaged Optics (NPO/CPO), which remains highly uncertain.> Growth Projections: BofA models a 50% revenue CAGR for Photonics-SOI between FY26–FY29E based on total die area forecasts, which is more conservative than consensus expectations.> Market Risk: GlobalWafers' planned competitive expansion into Photonics and RF-SOI introduces un-derisked market share pressure for Soitec.> Slow Recovery: Mobile represented over half of Soitec's FY26 revenue. Price hikes by smartphone manufacturers are creating downside risks to consensus projections.> Inventory Drag: RF-SOI revenue remains heavily impacted by customer inventory digestion (sitting at roughly -2 million wafers), with a sluggish recovery due to weak end-market demand. BofA models an 11% segment revenue decline for FY27E before a gradual recovery in FY28/29E.> Forecast Revisions: BofA cut its overall financial projections across the board due to weaker expectations in Mobile and Auto/Industrial segments, despite slight upward revisions in Edge AI:
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