Jefferies downgraded ASM International (ASMIY) to Hold from Buy with a price target of EUR 530, up from EUR 490. The firm forecasts 2026 wafer fab equipment to decline 1%, versus consensus at positive double-digit growth. The analyst’s negative view arises from an “anti-consensus expectation” for a 16% fall in DRAM wafer fab equipment in 2026, and a further decline in China wafer fab equipment. Jefferies downgraded both ASML and ASM to Hold given this weaker outlook.
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