BE Semiconductor Industries Update

Goldman Sachs reiterates a Buy rating on BE Semiconductor Industries (BESI.AS) and raises the 12-month price target to €318. The revision is driven by strong AI-related demand for hybrid bonding tools and higher long-term revenue forecasts.

Key Takeaways

• 1.Raised price target to €318 from €315 based on positive growth outlook for Hybrid Bonding tools in AI and consumer applications.
• 2.FY26-30 revenue and EPS estimates increased by 1-15% reflecting faster-than-expected adoption of AI chiplet-based designs.

Table of Contents

• Changes to estimates
• Valuation and key risks
• Disclosure Appendix

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