Besi rises as Deutsche Bank upgrades to 'buy' on likely growth in H2 hybrid bonding bookings

Shares in Besi BESI.AS up 2.8% after Deutsche Bank raised the Dutch chip-making parts supplier to "Buy" from "Hold", seeing an upside in hybrid bonding bookings in H2

DB says that it should be no surprise even if Besi missed booking expectations in Q1, while Q2 guidance was not great either, given that outsourced semiconductor assembly and test (OSAT) utilization has yet to track to the magic 90% level when those customers start to re-order

"It is time to look past lingering softness in mainstream, as our industry conversations support Besi's confidence on hybrid bonding (HB) volumes in 2026/27 being a big step-up from 2025," DB says

HB bookings will step up markedly in H2 led by TSMC 2330.TW, Micron MU.O and Intel INTC.O - DB

Besi reported on Wednesday growth in its Q1 bookings, sending its shares up as much as 9.7%

The stock, down lost 27.4% YTD including the session's moves, tops STOXX Europe Technology index .SX8P and is among the best performers on STOXX 600 index .STOXX