JPM initiates Inficon at "overweight" as wafer fabrication equipment to hit upcycle

Inficon Holding AG

01/04/2026 07:48

** J.P. Morgan initiates coverage of Swiss instrumentation maker Inficon IFCN.S with an "overweight" rating, anticipating benefits from a multi-year upcycle for wafer fabrication equipment

** Shares seen up 4.8% in pre-market indications

** The broker expects the firm, which makes around 50% of its sales in the semiconductor industry, to benefit from its attractive niche supplying mission-critical components

** JPM explains the company's soft guidance for 2026 with recent experience of false dawns in the WFE cycle and the limited-visibility position in the supply chain

** But JPM notes the wafer fabrication equipment upcycle is "more solid" heading into 2026, with real orders beginning to flow to toolmakers and soon to component suppliers

** The brokerage adds that operating leverage and mitigation of currency and tariff drags could push margins above 20 percent in 2027 and 2028

** Of 10 brokers who cover Inficon, six rate the stock "strong buy" or "buy", two rate the stock "hold" and two rate it "sell" - LSEG data

 (Reporting by Bernadette Hogg)

 ((bernadette.hogg@thomsonreuters.com))