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Investing.com - Berenberg has lowered its price target on ASM International NV (AS:ASMI) to €600.00 from €635.00 while maintaining a Buy rating on the semiconductor equipment manufacturer.
The price target reduction follows ASM International’s second-quarter 2025 orders and third-quarter guidance released on July 22, which fell below market expectations, primarily due to timing issues in investment from foundry and logic chip manufacturers.
Berenberg noted that ASM International anticipates a slowdown in orders from China for the remainder of 2025, despite better-than-expected performance in the first and second quarters of the year.
The recent depreciation of the US dollar against the euro was also cited as a factor that would likely lead market consensus to lower expectations for the company’s performance in 2025 and 2026.
Despite these near-term challenges, Berenberg maintained its Buy rating, suggesting that the reset in expectations would help derisk forecasts ahead of 2026, though uncertainty remains regarding capital expenditure spending in that year.
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