Investing.com -- Shares of Technoprobe SpA (BIT:TPRO) rose on Tuesday, their highest level since June 22, after J.P. Morgan initiated coverage with an "overweight" rating, citing the Italian semiconductor-testing supplier's strong growth prospects.
Technoprobe shares jumped 4.13% to €37.32, outperforming the broader Italian market, with the FTSE MIB up about 0.6% in early trading.
J.P. Morgan 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. The target was based on a €35.84 closing price on Monday.
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The brokerage expects Technoprobe to benefit from rising semiconductor volumes and increasing chip complexity.
It highlighted the company's roughly 60% share of the Vertical MEMS testing market, a technology increasingly used for advanced logic chips and which could gain adoption in memory as architectures such as HBM4E and HBM5 become more complex.
J.P. Morgan forecasts revenue rising from €628 million in 2025 to €1.09 billion in 2026 and €1.66 billion in 2027, while adjusted EBIT is expected to increase from €136 million to €449 million and €810 million, respectively.
It expects 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.
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.
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