ASMi: Oddo cuts target price

(CercleFinance.com) - Oddo maintains its "outperform" rating on ASM International shares, while reducing its target price for them from 380 euros to 365 euros.


The broker said that the group's Q4 2022 results published last night were relatively close to those in its preliminary announcement made in January, although were lower at the bottom line (E142m compared with E163m expected)".

Management now expects Q1 23 sales of 660 to 700 million euros, with the middle of this range (E680m), above the E665m consensus. Management also expects a slight increase in Q2, which could bring revenues close to E700m, i.e. nearly 10% above the consensus of E638m, the analyst notes, who adds that the consensus is already looking for H2 revenues of E1.28bn, i.e. 7% lower than the H1 guideline of approximately E1.38bn.

Oddo announces that it has revised its reduced its estimate for 2023/24 by 5%, adopting a H2 scenario that is more in line with the group's forecasts.


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