ASM International downgraded to Underperform from Hold at Jefferies

Jefferies downgraded ASM International (ASMIY) to Underperform from Hold with a EUR 495 price target as part of a broader research note previewing 2026 for European semiconductor names. European semiconductor stock valuations have re-rated 75% and expectations are high entering 2026, but underlying trends for most companies remain subdued and disappointments are likely as demand outside AI remains weak, the analyst tells investors in a research note.