Aixtron’s Rally Hits a 25-Year Peak as Analysts Clash Over the Next Chapter
Veröffentlicht: 04.05.2026 um 14:51 Uhr, Redaktion boerse-global.de
The German deposition equipment maker has stormed back to levels not seen since the dot-com era, with its shares touching €49.67 on Monday — the highest mark since 2001. The stock has now more than doubled this year, surging over 150% since January, and the momentum shows little sign of fading. But beneath the surface of this remarkable run lies a sharp divide among sell-side analysts about whether the valuation has run ahead of the fundamentals.
The Optoelectronics Boom Reshapes the Order Book
What’s driving the re-rating is a structural shift in Aixtron’s order intake. First-quarter orders hit €171.4 million, with nearly 70% coming from optoelectronics systems. Crucially, multiple clients placed multi-tool orders — a pattern that signals sustained demand rather than one-off purchases. The company’s G10-AsP platform has emerged as a go-to solution for photonic components used in AI data center communications, a market that is expanding rapidly as hyperscalers race to build out capacity.
The revenue picture for the opening quarter was far less impressive. Sales slumped to €59.4 million, roughly half the level seen a year earlier, and the company posted a net loss of nearly €22 million — a stark swing from the solid profit recorded in the same period of 2025. Management, however, has made clear that the real delivery wave starts in the second quarter, with a target of €110 million in revenue, nearly double the Q1 figure.
A Sharply Raised Full-Year Target
Buoyed by the order surge, the board has lifted its 2026 revenue guidance from €520 million to approximately €560 million, with a €30 million buffer built into the forecast. The power electronics segment remains a drag — SiC equipment sales are still sluggish, while GaN is stabilizing at a low level — but the optoelectronics boom is more than compensating.
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The dividend proposal for the upcoming annual general meeting remains unchanged at €0.15 per share, matching last year’s payout.
Analysts Split on Where the Stock Goes From Here
The rally has sparked a fierce debate on the Street. Barclays downgraded Aixtron from Overweight to Equal Weight, with analyst Simon Coles raising his price target to €39 but arguing that the optoelectronics story is already priced in. He lifted his 2026 revenue estimates by 6% and 2027 forecasts by 15%, yet sees limited upside from current levels.
At the opposite end of the spectrum, Citigroup’s Andrew Gardiner maintains a Buy rating with a €55 target, having raised his earnings projections. He views the surge in investor confidence as sustainable, betting that the delivery ramp from the second quarter will validate the elevated valuation.
Aixtron at a turning point? This analysis reveals what investors need to know now.
Deutsche Bank sits in the middle, sticking with Hold and a new €43 target. Analyst Michael Kuhn notes that capacity is fully utilized, leaving little room for further upward revisions to annual targets.
The gap between Barclays’ €39 and Citigroup’s €55 encapsulates the uncertainty. For now, the market is betting that the order book — and the AI-driven demand behind it — will continue to write the story.
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