Technoprobe S.p.A.

Technoprobe's fair value estimate has been nudged up from €41.88 to €42.80, with analyst price targets clustered between €40 and €50. J.P. Morgan rates the stock with a €45 target, citing Technoprobe's position as a market leader in Vertical MEMS probe cards for wafer testing, while Goldman Sachs points to an estimated roughly 60% market share in advanced Logic probe cards behind its €40 target. Deutsche Bank has lifted its price target over time from €42 to €45 and more recently to €50, reflecting confidence in the company's execution and capacity expansion plans, and BNP Paribas, Goldman Sachs and J.P. Morgan all initiated coverage with positive ratings. The model's euro revenue growth assumption rose from 44.30% to 45.13%, the euro net profit margin assumption slipped from 35.96% to 35.55%, the future P/E moved from 48.7x to 49.6x and the discount rate edged from 14.58% to 14.65%. The company plans to lift capacity to a €1.6b annualized revenue run rate, supported by about €350m of CapEx, vertical integration and new facilities across Italy and Asia.

J.P. Morgan initiated coverage of Technoprobe SpA with an overweight rating, sending the Italian semiconductor-testing supplier's shares up 4.13% to €37.32, their highest level since June 22. The brokerage set a June 2028 price target of €45, based on a 28-times 2028 estimated EBIT multiple, saying the premium to semiconductor-capital-equipment peers is justified by Technoprobe's stronger and more durable growth and margins. J.P. Morgan forecasts revenue rising from €628 million in 2025 to €1.09 billion in 2026 and €1.66 billion in 2027, with adjusted EBIT increasing from €136 million to €449 million and €810 million, respectively, and adjusted EPS of €0.54 in 2026, €0.96 in 2027 and €1.19 in 2028, versus Bloomberg consensus of €0.54, €0.79 and €1.00. The brokerage highlighted Technoprobe's roughly 60% share of the Vertical MEMS testing market, a technology increasingly used for advanced logic chips that could gain adoption in memory as architectures such as HBM4E and HBM5 become more complex. J.P. Morgan said further capacity expansion is the key watchpoint for additional earnings upgrades; Technoprobe is targeting production capacity equivalent to a roughly €1.6 billion annual revenue run-rate by the end of the first quarter of 2027, with further expansion beyond that level still being assessed with customers.