ASX—hitting all time highs now. Trading up along with TSM reported #’s

BE Morgan has a $155 target; 60-80% efficient with power on demand.  Only took 55 days to fulfill the Oracle order.  GEV is developing similar technology but sounds like it's three years behind. 

Raising our PT to $155 and remain OW. We are raising our estimates across 2025-2030. For 2025 the company indicated that results could exceed the high end of previous guidance. Going forward we have pulled forward the pace of volume shipments such that we estimate a 2 GW run rate of shipments by 2028 vs. 2029 in our prior model. We model 3 GW of shipments in 2030 vs. 2.2 GW previously. We are raising our PT to $155 which implies a ~30x EV/EBITDA multiple on 2027 MSe, at the high end of the 20-30x multiple range we've seen the stock trade over the past several years. We use a DCF to value the stock and the valuation increase came largely from the faster pace of revenue growth and volumes driving faster margin expansion between now and 2030, along with a modest decrease in the risk-free rate to 4% from 4.25% to reflect latest Treasury yields. We continue to see strong momentum and remain OW.