Jefferies ups PVA TePla on valuation

Pva Tepla AG

13/01/2026 10:28

** Shares in PVA TePla TPEG.DE are up around 2% after Jefferies upgraded the German semiconductor equipment supplier to "buy" from "hold", citing a material share price correction that makes its valuation attractive

** The broker views the recent growth slowdown as temporary, expecting orders to remain elevated and pick up again in late 2026, driven by semiconductor metrology demand

** It says that while its in-house view is more conservative than some industry forecasts, it shares optimism for test and inspection equipment on the back of rising chip complexity

** The brokerage highlights PVA TePla's strengthened market position, adding it has likely become the sole supplier for a key customer in Taiwan

** On valuation, Jefferies says "the risk-reward is more attractive" with the shares now trading at a significant discount to their historical five-year average

 (Reporting by Maria Rugamer)

 ((Maria.Rugamer@thomsonreuters.com))