Besi stock falls 9.61 percent as UBS cuts target to EUR 159

Besi stock (ISIN NL0012866412) was trading at EUR 173.60 on Euronext Amsterdam on October 7, 2026, down 9.61 percent from the previous close. The sharp move followed UBS's downgrade from Buy to Sell and its reduction of the price target from EUR 370 to EUR 159, as Investing.com reported on October 7, 2026.

UBS challenges hybrid bonding demand

The target reduction represents a 57.0 percent cut from the earlier EUR 370 forecast. UBS said hybrid bonding, the central growth driver in Besi's investment case, faces downside risk because high-bandwidth memory adoption may take longer.

The same Investing.com report said UBS expects hybrid bonding to represent 10 percent of high-bandwidth-memory tool demand in 2028. Capacity expansion is currently taking priority over performance improvements for AI accelerator customers, which could delay broader adoption.

Orders outpace reported revenue

Besi's second-quarter 2026 orders reached EUR 292.9 million, up from EUR 128.0 million a year earlier, while revenue stood at EUR 249.9 million. De Belegger reported that Besi also expected third-quarter growth of 10 to 15 percent.

The order figure exceeded quarterly revenue by EUR 43.0 million, an important distinction for investors assessing delivery timing and cash conversion. Orders create future production visibility, but revenue recognition depends on manufacturing, shipment, installation and customer acceptance.

Analysts remain divided

Bank of America Global Research cut Besi to Neutral from Buy on October 6, 2026, and lowered its price target to EUR 212 because of high-bandwidth-memory delays and the risk of ASML entering hybrid bonding, according to Investing.com. Barclays also cut its target from EUR 250 to EUR 240 while retaining an Equalweight rating.

The broader analyst picture is less negative. MarketBeat reported a Moderate Buy consensus from nine covering firms, comprising five Buy ratings, three Holds and one Strong Buy. The split shows why hybrid bonding execution now matters more than the headline order intake.

Besi stock trades near its yearly midpoint

At EUR 173.60 on October 7, 2026 at 1:02 p.m. CEST, Besi stock stood between its 52-week low of EUR 120.15 and high of EUR 328.40. The market capitalization was EUR 13.7 billion and trading volume had reached 465,972 shares.

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