Oddo BHF has reiterated its 'outperform' rating on ASM International (ASMi), while lowering its target price from 700 to 680 euros, in the wake of EPS estimates cut by 7% following its quarterly publication.

The research firm points out that the semiconductor equipment supplier reported results below expectations, despite good sales and a decent gross margin, mainly due to a foreign exchange loss.

Noting, however, that orders were 6% higher than expected, Oddo BHF believes that this publication, together with the expectation of a stable first half in 2024, 'in no way invalidates the scenario of strong growth in 2025'.

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