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ASMi: Oddo BHF raises target price

( - Back from a roadshow with ASM International in Canada, Oddo BHF reiterates its "outperform" rating on ASMi, while maintaining its EPS estimates, although has raised its target price for the Dutch semiconductor equipment supplier's share from E420 to E480.

The analyst highlights the idea of an increased likelihood of a market recovery in 2024, and multiples that are 15% higher since its last update; despite a superb performance since the start of the year (+70%), there is still potential, he believes.

Oddo BHF's confidence is based on the growing penetration of ALD (Atomic Layer Deposition) and market share gains in epitaxy, as well as the new exposure to Silicon Carbide with LPE, which offers additional growth leverage.

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