Tokyo Electron upgraded to Conviction Buy from Buy at Goldman Sachs

Goldman Sachs analyst Shuhei Nakamura reiterates a Buy rating on Tokyo Electron and added the stock to the firm’s Conviction List with a price target of 24,000 yen, up from 23,000 yen, calling it the firm’s top pick within the Japan semiconductor production equipment sector. The firm sees strong prospects for growth in 2024-2025 fueled by a recovery in capex sentiment in the memory market, especially DRAM), and expects this to be a catalyst for a further re-rating of the shares, the analyst tells investors.