SÜSS Microtec shares rally on positive earnings surprise
Shares of SÜSS Microtec have rebounded from recent losses on the back of upbeat business outlook.
The company's stock price jumped by 86 cents or 5% to €18.66 on Wednesday, outperforming the broader market.
SÜSS Microtec reported better-than-expected earnings for the second quarter of 2023, driven by strong demand for its semiconductor equipment. The company's net income came in at €18.6 million, exceeding analysts' estimates of €16.7 million.
The company's positive earnings report and optimistic outlook have boosted investor confidence. SÜSS Microtec CEO Andreas Wächter said in a statement that the company is "well-positioned to continue growing in the future." He added that the company expects "continued strong demand for our products and services in the coming quarters."
Analysts have also upgraded their ratings on SÜSS Microtec following the company's strong earnings report. Berenberg raised its target price on the stock to €22, while Jefferies increased its target to €20. Both analysts cited the company's strong order book and positive outlook as reasons for their bullish stance.
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