ASM International, Arm named ‘joint Top Pick’ in EU Semis at Morgan Stanley

Morgan Stanley analyst Nigel van Putten lowered the firm’s price target on ASM International (ASMIY) to EUR 725 from EUR 800 and keeps an Overweight rating on the shares, which have been named as “joint Top Pick” along with Arm (ARM) among European Semiconductors. The firm sees stock-picking opportunities in the late-cycle semis phase and encourages investors to keep with large-cap names with high-quality earnings or a strong cyclical driver, the analyst tells investors. In the same note, Morgan Stanley lowered the firm’s price target on ASML (ASML) to EUR 925 from EUR 1,000 and keeps an Overweight rating on the shares, which the analyst also removed as a “Top Pick” among the group.