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Investing.com - BofA Securities has upgraded Aixtron SE (ETR:AIXA) (OTC:AIXXF) from Underperform to Buy, more than doubling its price target to EUR25.10 from EUR11.60.
The upgrade follows Aixtron ’s 2026 downward guidance, which BofA believes clears the way for investors to focus on upcoming growth drivers in data center and electric vehicle power requirements expected to fuel strong growth from 2027 onward.
BofA has raised its 2027 revenue forecast for Aixtron by 6.6%, driven by increases of 33% in GaN sales and 15% in optoelectronics sales, leading to a 12.8% upgrade in FY27 EBITDA estimates.
The investment bank cited a material shift in Aixtron’s revenue mix toward artificial intelligence, which is expected to represent approximately 50% of sales starting next year, as a key factor in its more positive outlook.
BofA’s new price target is based on 16x FY27 EV/EBITDA, up from its previous 10x FY26 EV/EBITDA multiple, reflecting the company’s shifting business mix toward AI and expectations that silicon carbide revenue will represent less than 10% of sales.
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