JP Morgan cuts ams OSRAM to 'underweight' on 2026 margins risk

ams-OSRAM AG

01/12/2025 07:58

** J.P. Morgan cuts Austrian semiconductor manufacturer ams OSRAM AMS.S to "underweight" from "neutral", citing risk to margins in 2026

** JPM says 2026 consensus look ambitious from an elevated base

** Additionally, the broker forecasts a tougher pricing environment in 2026

** On EBITDA, JPM is 5% and 8% below consensus in 2026 and 2027, respectively

** Even if the company can navigate the asset disposals and restructuring, adj. EBITDA is likely to be flat for the next three years, the broker adds

** The stock is seen down 4.55% in pre-market trade

 (Reporting by Amir Orusov)

 ((Amir.orusov@thomsonreuters.com))