Jefferies reaffirms its 'buy' recommendation on Soitec, with a price target raised by 50% to 270 euros, in a note devoted to European semiconductor stocks in the broad sense of the term.

"The sector has entered a new bull cycle, which we believe should translate into significant additional upside and strong EPS growth over the next two years", judges the broker.

Jefferies includes in its model 'artificial intelligence as a major driver of demand for advanced logic boards', and consequently for ASML and ASM revenues, for which it is also raising its price targets.

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