---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/100000000789369.md"
description: "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:"
datetime: "2026-07-11T22:42:14.000Z"
locales:
  - [en](https://longbridge.com/en/topics/100000000789369.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/100000000789369.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/100000000789369.md)
author: "[Equity research](https://longbridge.com/en/profiles/2071818324550963200.md)"
generator: "portal-rs"
---

# BofA: Soitec > Upside Already Priced In: BofA b…


---
> **Disclaimer: This article is for reference only and does not constitute any investment advice.**