BofA cuts BESI on HBM delays, ASML competition; shares fall

ASML Holding

06/10/2026 13:25

** BofA Global Research cuts Dutch semiconductor company BE Semiconductor BESI.AS to "neutral" from "buy", citing delays in demand for equipment used to make high-bandwidth memory (HBM) chips and potential competition from ASML ASML.AS
** "HBM delays are temporary, ASML is not", BofA says as it nearly halves PT to €212
** Shares in BE Semiconductor Industries BESI.AS fall 3.5%, making it the worst performer on Amsterdam's AEX index .AEX
** The broker says delays in HBM adoption would lead to lower expectations for BESI's shipments to memory customers in 2027 and 2028
** It also cuts 2028 flip-chip revenue estimates, citing "a cyclical slowdown, typical for this industry after 8-12 quarters of growth"
** Out of 24 analysts, 16 rate BESI "buy" or "strong buy" and eight "hold" -- LSEG data

(Reporting by Nathan Vifflin in Gdansk)
((nathan.vifflin@thomsonreuters.com; gdansk.newsroom@thomsonreuters.com; +48 58 769 67 13;))