Stifel initiates coverage of ASM International with a 'buy' recommendation and a target price of 800 euros, a target that offers upside potential of around 15% compared with current share price levels.

The broker points out that this Dutch equipment supplier to the semiconductor industry is a leader in ALD (Atomic Layer Depositioning) technology, particularly required for the transition of transistors from FinFET to GAA.

'We believe that the group continues to build on its lead that began in 2008. We are aware of the rich valuation, but would urge investors to maintain a long-term view of the quasi-monopoly', he says.

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