ASM International initiated with an Outperform at Bernstein

Bernstein analyst Sara Russo initiated coverage of ASM International with an Outperform rating and EUR 390 price target as part of rolling out coverage of the European semiconductor sector following the group’s "significant de-rating" in 2022. ASM International, which supplies strategically important equipment in atomic layer deposition and leads with a growing 45% market share, is "better placed for a downturn" than some peers in semiconductor capital equipment, Russo tells investors.