UBS downgrades its recommendation on BE Semiconductor Industries (BESI) from 'buy' to 'neutral', with a price target raised from 120 to 135.4 euros, a new target close to the current share price of the Dutch semiconductor equipment supplier.
While it believes that the group's long-term growth prospects remain intact, the broker thinks that a lot is built into the share price. After the share's solid performance, we would expect a better entry point from now on", he says.
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BE Semiconductor Industries N.V. (Besi) specializes in the design, manufacturing and marketing of semiconductor assembly equipment for the global semiconductor and electronics industries. The group develops leading edge assembly processes and equipment for leadframe, substrate and wafer level packaging applications in a wide range of end-user markets including electronics, mobile Internet, computer, automotive, industrial, RFID, LED and solar energy.
Net sales are distributed geographically as follows: Ireland (7.5%), Europe (8.2%), China (35.5%), Malaysia (8.4%), Korea (7.3%), Taiwan (6.5%), Thailand ( 3.6%), Asia/Pacific (11.8%), United States (8.8%) and other (2.4%).
BE SEMICONDUCTOR INDUSTRIES N.V. 
