Berenberg cuts target to CHF 660 for VAT Group stock

Published on 10/27/2026 at 13:06 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

VAT Group stock costs EUR 629.70 on October 27, 2026. Q3 orders hit CHF 696.60 million, up 192.60 percent year on year.

Analyst view and operating scale

On October 26, 2026, Berenberg cut its target from CHF 695.00 to CHF 660.00.
VAT Group's third-quarter order intake reached CHF 696.60 million, up 192.60 percent year on year.
VAT Group stock was trading at EUR 629.70 at 1:02 p.m. CEST at Lang & Schwarz on October 27, 2026.

VAT Group, CH0311864901, Illustration mit AI erstellt.

VAT Group (ISIN CH0311864901) stock was trading at EUR 629.70 at Lang & Schwarz on October 27, 2026, while the latest analyst action put valuation back at the center. Berenberg cut its price target from CHF 695.00 to CHF 660.00 on October 26, 2026, while keeping a Hold rating, according to MarketScreener.

Q3 orders reset the scale

VAT's third-quarter order intake reached CHF 696.60 million, up 192.60 percent from CHF 238.10 million a year earlier. Net sales rose 45.90 percent year on year to CHF 376.40 million, according to the company's October 15, 2026 announcement carried by FT.com.

The order backlog reached CHF 979.50 million in the third quarter, up 278.50 percent year on year. That backlog gives the company a larger base for future deliveries, but Berenberg's target cut shows that execution and valuation remain separate questions.

What does the backlog mean?

VAT expects fourth-quarter 2026 sales of CHF 420.00 million to CHF 450.00 million and a book-to-bill ratio above one. The range is higher than third-quarter sales of CHF 376.40 million, although the company has not supplied a single-point forecast.

Earlier, Berenberg raised its target from CHF 640.00 to CHF 695.00 on October 7, 2026 while retaining Hold, citing a longer semiconductor cycle, as reported by Finimize. The later reduction to CHF 660.00 makes the valuation debate more concrete after the record order intake.

Three dated milestones

On October 7, 2026, Berenberg lifted its target from CHF 640.00 to CHF 695.00. On October 15, 2026, VAT reported third-quarter orders of CHF 696.60 million and sales of CHF 376.40 million. On October 26, 2026, Berenberg cut the target to CHF 660.00 while retaining Hold.

Next reporting date

VAT's next scheduled company event is the publication of fourth-quarter and full-year 2026 results on March 2, 2027, according to Stock-World.

Stock price and Swiss listing

The primary-market quotation was CHF 581.70 on the SIX Swiss Exchange at 1:16 p.m. CEST on October 27, 2026. VAT Group develops vacuum valves and related components used in semiconductor manufacturing, with Global Service providing repairs, upgrades and spare parts.

VAT Group was trading at EUR 629.70 at Lang & Schwarz on October 27, 2026 at 1:02 p.m. CEST. The further course of trading is shown by the continuously updated real-time quote of VAT Group stock.