Jefferies cuts PVA TePla to 'hold' on order intake delays

Pva Tepla AG

07/10/2024 07:35

** Jefferies downgrades German industrial equipment maker
PVA TePla  TPEG.DE  to "hold" from "buy" citing subdued demand
and delays in order intake
    ** Sluggish industrial activity and a slower than expected
recovery in semiconductor end-markets weigh on demand for
industrial vacuum ovens and crystal growing equipment, it says
    ** It sees order delays for PVA's crystal growing systems
"well into 2025" due to elevated wafer inventories at
semiconductor manufacturers
    ** "We believe the slowdown in orders and lower visibility
on order momentum creates material downside risk to PVA's 2025
guidance," Jefferies adds
    ** Out of 10 analysts that cover PVA TePla, six rate the
stock "strong buy" or "buy", ​three "hold" and one "sell" - LSEG

 (Reporting by Chiara Holzhaeuser)
 ((Chiara.Holzhaeuser@thomsonreuters.com))