Bank of America reiterates its 'buy' recommendation and €189 target price for BESI (BE Semiconductor Industries) shares, with 'conviction around the widespread adoption of hybrid bonding in H2 2026 and 2027 increasing over the last three months'.

Third-quarter results are likely to disappoint, and fourth-quarter forecasts will probably be up sequentially but below consensus due to sluggish demand, the broker warns.

Announcements of AI investment spending by OpenAI/AMD and Chinese hyperscalers should lead to a substantial recovery in orders in the short term, BofA nevertheless believes in its note on the Dutch group.