Tokyo Electron initiated with an Outperform at Bernstein

Bernstein initiated coverage of Tokyo Electron with an Outperform rating and 31,500 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 Tokyo Electron, Bernstein sees share gain and margin expansion.