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Investing.com - Nomura/Instinet upgraded Sumco Corp (TYO:3436) (OTC:SUOPY) from Neutral to Buy on Monday, while nearly doubling its price target to JPY2,100.00 from JPY1,100.00.
The upgrade follows Micron’s September 23 results, which indicated semiconductor memory demand is stronger than previously anticipated, according to the research firm.
Nomura cited recent discussions with wafer manufacturers suggesting a recovery in wafer demand heading into December 2026, prompting the firm to raise its demand forecasts for Sumco’s core 300mm wafers.
The research firm expects the stock to attract investor interest as market attention shifts toward earnings prospects for December 2026 and beyond.
Nomura rolled forward its valuation base year from December 2025 to December 2026, maintaining that Sumco deserves to trade at an EV/EBITDA multiple of just under 7x on its 2026 forecasts.
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