Needham upgrades BE Semiconductor to Buy, adds to Conviction List

Needham upgraded BE Semiconductor (BESIY) to Buy from Hold with a EUR 190 price target. The firm says high bandwidth memory is transitioning from brute-force stacking to a “plethora of new innovation-based scaling.” This ensures HBM “remains the king” of artificial intelligence memory for another 5-10 years, the analyst tells investors in a research note. Needham sees BE benefitting from this trend. It names the stock its 2026 Top Pick. The firm added the shares to its Conviction List, replacing Onto Innovation (ONTO).