Berenberg Bank reviewed technology hardware sector. In the report, analysts discuss the performance and stock recommendations of 16 small- and mid-cap technology stocks and analyse the key developments in 2012 which they think drove the share price performance and examine what they got wrong. On the back of these assessments and analyses, Berenberg analysts adjust their estimates, price targets and recommendations on some of these stocks and also present their expectations for the next quarter, and highlight where they differ from consensus and what factors to look for in 2013. The top picks are ams (new target price 130.00 CHF) and Telecity. Analysts also have a Buy recommendation on Jenoptik, Veeco, CSR, Kapsch TrafficCom, ADVA Optical and Micronas. They downgrade Ingenico, Aixtron and AT&S to Hold (price target moved to 9.00 from 12.5 euros), and have Hold ratings on Melexis, Dialog, Mobotix, Kontron and Muehlbauer.