Ushio's earnings are likely to grow thanks to semiconductor-related demand, Jefferies says in a note. While the market is focusing on digital lithography technology as a growth driver for the Japanese lighting equipment maker, demand for stepper lithography equipment and direct drawing equipment is also expected to grow, the U.S. bank says. In addition, its light source business is expected to see stable expansion in semiconductor demand, it says. Jefferies upgrades its rating on the stock to buy from hold and raises its target price to 5,500 yen from Y5,000. Shares are 8.4% higher at Y4,866. (kosaku.narioka@wsj.com; @kosakunarioka)