Exane starts Technoprobe at "outperform", sees AI-driven shift to high-end probe cards

Technoprobe

11/09/2026 11:51

** Exane BNP Paribas initiates coverage of Italy's Technoprobe TPRO.MI with "outperform" rating and a TP of €40  ($46.36), citing AI-driven testing demand and a shift to high-end probe cards (MEMS), area in which the firm is the market leader    
** Brokerage sees momentum in testing for advanced logic to accelerate, fuelled by a tripling of advanced logic wafer starts to 2030, increasing testing intensity and higher average selling price in each generation
** Exane expects high-bandwidth memory (HBM) and co-packaged optics (CPO) to be revenue drivers from 2028, citing a shift toward MEMS-based probe cards
** It sees EPS for the semiconductor testing company to almost double by 2028, 14% ahead of consensus and implying a 30% upside 
** While Exane says Technoprobe shares are "not cheap," trading at 39 times their 2027 price-to-earning ratio, it still considers the stock attractive due to a sustained top-line growth through 2030
** Shares in Technoprobe are up 3.4% on Friday, the second-best performer on the pan-European STOXX index .STOXX
** Out of 8 analysts that cover the stock, seven rate the stock "buy,"​ and only one analyst maintains a "hold" rating - LSEG data

($1 = 0.8628 euros)

 (Reporting by Fabrizio La Rocca)
 ((Fabrizio.larocca@thomsonreuters.com))