ASM International N.V : Roadshow feedback: Q4 probably as expected, towards a 2024 driven by GAA and SiC, target price raised to € 530
>Outperform reiterated, target price raised to € 530 (vs € 470) - Following a roadshow with ASMi in Germany we reiterate our Outperform rating. Our EPS estimates are unchanged, but we have raised our target price (DCF and multiples) from € 470 to € 530 based on 1/ the idea that a market recovery in 2024 is more likely, aided by first signs of improvement in the consumer markets (PC and smartphones) and a recovery in memory (where the group will increase its exposure w...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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