---
title: "Technoprobe reports tonight: Equita sees Q4 revenue down 7% to €292 million; banks see double the price"
description: "The Italian probe-card maker reports after Milan's close tonight, one week after its CTO quit and with the stock down 41% in a month despite a 6% rise today on the AI rebound. JP Morgan, Barclays and Equita still price the shares at €40–45, roughly double the market."
publisher: "The Inference"
section: "Chips"
published: 2026-11-11T17:42:28.694Z
modified: 2026-11-11T17:42:28.694Z
canonical: https://theinference.org/article/technoprobe-reports-tonight-equita-sees-q4-revenue-down-7-to-292-million-banks-see-double-the-price
language: en
keywords: "Technoprobe, Probe Cards, Earnings, Analyst Calls, Semiconductor Test, AI Chips"
---

# Technoprobe reports tonight: Equita sees Q4 revenue down 7% to €292 million; banks see double the price

> The Italian probe-card maker reports after Milan's close tonight, one week after its CTO quit and with the stock down 41% in a month despite a 6% rise today on the AI rebound. JP Morgan, Barclays and Equita still price the shares at €40–45, roughly double the market.

## The report lands on a rebound

[Technoprobe](https://theinference.org/markets/companies/technoprobe) publishes third-quarter results after Milan's close this evening, with the shares up more than 6% today as European technology stocks rallied on [CoreWeave](https://theinference.org/markets/companies/coreweave)'s beat and [the run-up to Anthropic's listing](https://www.cnbc.com/2026/11/10/anthropic-sets-price-range-of-70-to-78-in-upcoming-ipo.html) [1]. CoreWeave, the AI-cloud operator, had lost more than 40% of its value in a month before [posting quarterly revenue of $3.66 billion, up 168%, and raising its full-year forecast to $13.0–13.3 billion](https://siliconangle.com/2026/11/10/coreweave-arrests-stock-slide-after-posting-a-strong-earnings-beat-and-raising-its-full-year-guidance/) [2].

The week before ran the other way. [Chief technology officer Joseph Parks resigned on November 4](https://www.boursorama.com/bourse/actualites/technoprobe-le-directeur-technologique-demissionne-l-action-chute-cd985985b4c03d204ad0f1c375ad9941) and left on the 6th, chief executive Stefano Felici holding the seat in the interim; the shares fell 7.07% to €22.62 that day [3]. By November 6 they traded at €20.90: down 41% in a month, still up about 149% on the year [3][4]. The slide began in early October, days after an unnamed Wyoming fund [bought 3% of the company off-market at the top of a 204% rally](https://theinference.org/article/a-no-name-wyoming-fund-grabs-3-of-technoprobe-off-market-at-the-top-of-a-204-rally) [3][4].

## A near-monopoly on testing AI chips

Founded by Giuseppe Crippa near Milan in 1996 and listed since 2022, Technoprobe makes probe cards, the tools that contact each chip on a wafer to confirm it works during manufacturing [3][5]. The more complex the chip, the longer the test. JP Morgan puts the company's share of vertical MEMS probe cards, the kind advanced logic chips increasingly need, near 60% of the world market; [Barclays](https://theinference.org/markets/companies/barclays) puts its share of the cards that test AI graphics processors close to 100% [4]. [Teradyne](https://theinference.org/markets/companies/teradyne), the US test-equipment group, has held 10% since 2023 [5].

## Three banks price the stock at double

JP Morgan [started coverage on October 6 at overweight with a €45 target](https://finance.yahoo.com/markets/stocks/articles/technoprobe-shares-hit-over-3-084300922.html), when the shares stood at €37.32 [6]. Barclays is overweight at €40; Equita, the Milan broker whose estimates anchor tonight's numbers, has a buy at €44 [1][4]. Against €20.90, those targets imply roughly a doubling [4][6]. Barclays sees the AI probe-card market growing from €1.7 billion this year to €7.1 billion by 2030, and JP Morgan expects 2027 earnings 22% above consensus [4][6]. The company has [guided 2026 revenue to €1.05–1.10 billion](https://theinference.org/article/technoprobe-10-owned-by-teradyne-guides-2026-revenue-up-nearly-70-with-no-bank-debt) [4].

*Chart: **Three bank targets sit at nearly double Technoprobe's fallen share price** Bar chart comparing JP Morgan's, Equita's and Barclays's price targets for Technoprobe (45, 44 and 40 euros) against the November 6 share price of 20.90 euros*

*Twelve-month price targets and the November 6, 2026, close, in euros. Sources: RisparmiOggi (6 Nov 2026), Il Sole 24 Ore (11 Nov 2026), Investing.com via Yahoo Finance (6 Oct 2026). [1][4][6]*

## The crack is the fourth quarter

Equita's own model cools first. It [expects fourth-quarter revenue to fall 7% from the third, to €292 million](https://www.risparmioggi.it/azioni-technoprobe-e-trimestrale-quali-sono-le-previsioni/), with EBITDA margin easing from 52% to about 46%, a dip the bank attributes to production timing and product mix rather than a turn in the cycle [4]. The company is spending into the debate regardless: a capex plan raised to about €350 million through the first quarter of 2027, from €240 million, to lift capacity from €1.4 billion to €1.6 billion of annual revenue [4].

*Chart: **Barclays expects Technoprobe's EBITDA margin to jump 21 points by 2028** Column chart of Technoprobe's EBITDA margin: 32% in 2025, an estimated 48% in 2026 and an estimated 53% in 2028, per Barclays*

*EBITDA margin: 32% in 2025 and Barclays estimates of 48% for 2026 and 53% for 2028. Source: RisparmiOggi, November 6, 2026. [4]*

## Three readings, then Anthropic

The argument resolves on three numbers tonight: revenue against the €314 million expected for the third quarter, EBITDA against €163.3 million at a 52% margin, and whether the €1.6 billion capacity target survives [1][4]. A beat with the target reaffirmed hands the case to JP Morgan and Barclays; a soft fourth-quarter guide says the AI test boom peaked in September. The sector's verdict follows next week, when [Anthropic](https://theinference.org/markets/companies/anthropic) prices 825 million shares at $70 to $78 on November 18 and starts trading on the 19th, in an offering of up to $64.35 billion [1][7]. Technoprobe answers first.

## Takeaway

Technoprobe reports Q3 after Milan's close tonight with the stock down 41% in a month yet bank targets at €40–45, nearly double the price: the report turns on whether Q4 revenue of €292 million is timing or a turn.

## Sources

1. [Il Sole 24 Ore (English edition), "CoreWeave and Anthropic are fuelling the AI craze; Technoprobe soars", 11 November 2026](https://en.ilsole24ore.com/art/coreweave-and-anthropic-are-causing-a-stir-amongst-vola-technoprobe-fans-AJfxRXCC)
2. [SiliconANGLE, "CoreWeave arrests stock slide after posting a strong earnings beat and raising its full-year guidance", 10 November 2026](https://siliconangle.com/2026/11/10/coreweave-arrests-stock-slide-after-posting-a-strong-earnings-beat-and-raising-its-full-year-guidance/)
3. [Boursorama, "Technoprobe : le directeur technologique démissionne, l'action chute", 4 November 2026](https://www.boursorama.com/bourse/actualites/technoprobe-le-directeur-technologique-demissionne-l-action-chute-cd985985b4c03d204ad0f1c375ad9941)
4. [RisparmiOggi, "Azioni Technoprobe e trimestrale: quali sono le previsioni?", 6 November 2026](https://www.risparmioggi.it/azioni-technoprobe-e-trimestrale-quali-sono-le-previsioni/)
5. [Wikipedia, "Technoprobe", retrieved 11 November 2026](https://en.wikipedia.org/wiki/Technoprobe)
6. [Yahoo Finance (Investing.com), "Technoprobe shares hit over 3-month high after JPMorgan starts coverage", 6 October 2026](https://finance.yahoo.com/markets/stocks/articles/technoprobe-shares-hit-over-3-084300922.html)
7. [CNBC, "Anthropic sets IPO price range of $70 to $78, looks to start trading Nov. 19, sources say", 10 November 2026](https://www.cnbc.com/2026/11/10/anthropic-sets-price-range-of-70-to-78-in-upcoming-ipo.html)


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Technoprobe reports tonight: Equita sees Q4 revenue down 7% to €292 million; banks see double the price — The Inference. Canonical: https://theinference.org/article/technoprobe-reports-tonight-equita-sees-q4-revenue-down-7-to-292-million-banks-see-double-the-price