"Worst is over": JPM upgrades Soitec to 'neutral'
** J.P. Morgan upgrades semiconductor materials supplier Soitec SOIT.PA to "neutral" from "underweight", citing recovering smartphone market and normalizing inventory
** Shares in Soitec rise around 1% to 111.8 euros at 1000 GMT, paring gains after rising as much as 4.6%
** "The worst is likely over for the stock", JPM says, but adds it remains prudent as the "volume growth for the market leading iPhone is still lacking"
** Demand is better "but not dramatically better", it says
** The broker also notes the weaker-than-expected 2024 and 2025 forecast, which leaves less scope for downside surprise
** J.P.Morgan upgrades the firm's target price to 110 euros from 95 euros
** Including session's gains, stock cuts year-to-date losses to 30%
Reporting by Gaëlle Sheehan
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