Lasertec initiated with an Underperform at Bernstein

Bernstein initiated coverage of Lasertec with an Underperform rating and 18,100 yen price target The firm is initiating on the Japan Semiconductors sector with a positive view, expecting it to benefit from the secular growth of semiconductor content and capex intensity as a crucial enabler in the global supply chain. Specifically for Lasertec, Bernstein sees growth deceleration with product maturing, and potential KLA entry in actinic inspection.