ASM International: UBS still on hold, maintains TP

(CercleFinance.com) - The analyst sees weaker-than-expected results despite solid orders.


UBS maintains its neutral rating on the stock, with an unchanged target price of E430, representing a downside potential of 26%.

"Q4 EBIT was -4% below consensus. Following results and Q1 and Q2 guidance,we expect mid to high single digit downgrades to consensus EBIT for 2024E", UBS says.

For Q1 2024, management expects sales of E600m-E640m, with a similar level in Q2. For H2 2024, sales are expected to be up on their level in H1, but it is too early to give more precise indications for H2 or for the full year, they said.


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