ASMi gains nearly 3.5% in Amsterdam as Oddo BHF confirms this morning its Outperform rating on the stock, with a price target raised from 530 to 700 euros.

'This upgrade stems from a rise in sector multiples (+45% since the last update) and an 8% increase in forecasts for 2025', the analyst adds.

ASMi will publish its Q4 23 results and announce its outlook tomorrow evening after the close of trading.
Oddo BHF anticipates unsurprising results overall, with sales of 622 ME, stable qoq, but -14% yoy, vs. a consensus of 625 ME (guidance 600/640 ME).

As usual, ASMi is not expected to give guidance 24. The consensus is for Q1 and Q2 24 sales of ME645 and ME695.

'We are very confident that ASMi will be one of the major beneficiaries of the transition to 2nm GAA, which exposes it to AI', reports the broker.

Against this backdrop, Oddo BHF expects 'a strong acceleration in 2025' and raises its 2025 growth forecast to +26% (vs. +19% previously) to 3.6 BnE, at the top end of its guidance, with 2025 EPS raised to +8%.

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