Aixtron Rebounds 7.5% as Analyst Targets Span €39 to €73 Ahead of Half-Year Results
Published on 07/21/2026 at 16:12 | Redaktion boerse-global.de
The Aixtron share price staged a sharp recovery on Tuesday, climbing 7.46% to €41.93 after four consecutive sessions of losses that had dragged the stock to a close of €39.02 the previous day. The bounce was part of a broader relief rally across German chip stocks, triggered by a snapback in Asian semiconductor names led by memory makers and spreading to European names such as Infineon, STMicroelectronics and ASML. Yet the move does little to erase the damage of the prior weeks: the stock still sits 30.6% lower over the past 30 days and remains 33.1% below its 52-week high of €62.68, reached on 18 June 2026.
The divergent views among analysts illustrate the uncertainty surrounding the company’s near-term trajectory. JPMorgan reiterated its "Overweight" rating and €70 price target on 13 July, maintaining the most bullish stance on the Street. At the opposite end, MWB Research upgraded the stock from "Sell" to "Hold" on 20 July, lifting its recommendation only because the 33% plunge from the June peak had brought the shares close to its unchanged target of €40.00. The broader consensus sits at a median "Outperform" with a €51.81 price objective, but the individual targets now span from €39 to €73, reflecting deep disagreement over the sustainability of demand in Aixtron’s end-markets.
The upgrade from MWB was driven by valuation rather than a change in fundamentals. The analysts noted that the stock’s retreat was largely a function of profit-taking and a re-rating of AI-related plays, while Aixtron’s operational metrics remained intact. The company commands roughly 90% market share in AI optics and gallium-nitride (GaN) technology, according to MWB, and the firm sees annual revenue potential of €340m to €610m from the AI optics and high-voltage direct current (HVDC) segments. Silicon carbide (SiC) is expected to add further impetus, but not until late 2027 or early 2028.
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Institutional positioning also shifted in the crosswinds. A disclosure filed under section 40 of the German securities trading act showed that Goldman Sachs Group reduced its combined stake in Aixtron to 8.45% as of 14 July, down from 8.69% in its previous notification. The slight trimming came during a period when the stock has swung between sharp losses and violent bounces, partly exacerbated by margin calls on South Korean positions, according to market reports.
The next catalyst arrives on 30 July with the publication of Aixtron’s half-year results. MWB Research projects second-quarter order intake of more than €200m, which it flags as a sign of resilient demand in the core businesses. For the full year the analysts expect EPS of €0.71, rising to €1.15 in 2027. On those estimates the stock trades at an EV/EBIT multiple of 22.5 for 2027 — a level that looks full if growth disappoints, but cheap if the longer-term opportunities in GaN and HVDC materialise as forecast. With the share still up sharply year to date despite the summer sell-off, the half-year numbers will test whether the correction was a mere valuation adjustment or the start of a more fundamental reassessment.
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