07:46 AM EDT, 05/06/2026 (MT Newswires) -- Berenberg on Tuesday raised its price target on buy-rated Umicore (UMI.BR) to 23.50 euros from 21.60 euros following the "near-universally positive"first-quarter update of the company.

In its first-quarter update, the Belgian advanced materials and recycling company said it expects group adjusted EBITDA for full-year 2026 to approach 1 billion euros. The guidance implies a 12% upgrade to 2026 consensus, which Berenberg noted was the "clear highlight,"adding that the "breadth of the drivers'achievements was the most encouraging part, in our view."

"In addition to the - at least partly anticipated - precious metals price tailwinds, c30-40% of the EBITDA upgrade was, in our view, the result of performance in Specialty Materials. Some was likely linked to the rise in cobalt price, but we believe Umicore may also be benefiting from the boom in demand for semiconductors. We believe the company has EUR100m-150m of pa sales to areas such as germanium, gallium and indium materials within its Specialty Materials segment; much of this is linked to semiconductor materials,"the research firm said.

Berenberg also raised its 2026 EPS estimates for the company by 20%, reflecting higher metals prices, in addition to higher volumes for cobalt and germanium products in Specialty Materials, and volatility on the Recycling segment. It, however, noted that the gains will be partly offset by a lower rate of improvement in battery materials profitability.