ASM International N.V : Road show feedback - the end of the year is going as expected - target price increased to € 95 (vs € 80)
>Buy rating maintained and target price raised to € 95 from € 80 following a road show - Following a road show in Frankfurt with Victor Bareno (head of IR), we reiterate our Buy rating and increase our target price from € 80 to € 95. We are not changing our estimates at this stage. However, we believe that there might be upside notably on the back of: 1/ a faster1ethan1eexpected improvement in 2020 in the memory market (we expect group sales to grow +8% in 2020 assuming...ASM International is an equipment supplier mainly to the semiconductor manufacturing industry. Co. designs, manufactures and sells equipment and services to its customers for the production of semiconductor devices, or integrated circuits. Co.'s front-end segment manufactures and sells equipment used in wafer processing, encompassing the fabrication steps in which silicon wafers are layered with semiconductor devices. Co.'s back-end segment manufactures and sells equipment and materials used in assembly and packaging, encompassing the processes in which silicon wafers are separated into individual circuits and subsequently assembled, packaged and tested.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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