BESI: Oddo BHF still buying, but cuts TP

(CercleFinance.com) - While maintaining its outperform rating on BE Semiconductor Industries (BESI), Oddo BHF has reduced its target price from E170 to E160, judging the risk/reward to be rather negative in the run-up to the Q4 2024 results (on 20 February).


With rather negative signals on the cycle (K&S, Amkor, ASE), we are indeed anticipating orders for the fourth quarter of 2024 and guidance for the first quarter of 2025 below expectations, the analyst says, who has cut his 2025 EPS estimate by 10%.

Nevertheless, he continues to believe that a cyclical rebound in H2 is credible, and that its magnitude will probably be underestimated, while hybrid bonding adoption seems to be accelerating at TSMC and could surprise positively in memory.


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