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Citi raised its price target on Ibiden Co Ltd. (4062:JP) (OTC:IBIDF) to JPY7,200 from JPY6,000 while maintaining a Buy rating on the stock.
The research firm cited Ibiden’s January-March operating profit that exceeded consensus estimates, driven by significant improvements in product mix related to packages for artificial intelligence graphics processing units (AI GPUs).
Citi forecasts widening profit margins for Ibiden as the company continues to increase its focus on AI GPU packages, which carry higher margins than other product lines.
The firm expects accelerated profit growth in the next fiscal year when Ibiden’s Ono plant reaches full operational capacity in the second half of fiscal year 2026.
Citi’s analysis indicates Ibiden shares are undervalued and do not yet reflect potential upside from expansion in application-specific integrated circuits (ASIC) and increasing value-added components in next-generation GPUs.
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