UBS cuts target for Besi stock from EUR 370 to EUR 159

Published on 10/15/2026 at 09:44 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Second-quarter revenue was EUR 249.9 million. Besi stock costs EUR 162.18 on October 15, 2026, 50.62 percent below its high.

Results and valuation signals

UBS set a EUR 159.00 target on October 7, 2026, after cutting it from EUR 370.00.
Besi booked EUR 292.9 million in orders during the second quarter of 2026.
Besi stock traded at EUR 162.18 at 9:36 a.m. CEST at Lang & Schwarz on October 15, 2026.
Third-quarter results are scheduled for October 22, 2026.

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Besi (ISIN NL0012866412) was trading at EUR 162.18 at Lang & Schwarz on October 15, 2026 at 9:36 a.m. CEST. The stock is being reassessed after UBS cut its target from EUR 370.00 to EUR 159.00 and lowered its rating to Sell on October 7, 2026, according to Beurs.nl.

Three dates frame the debate

On September 24, 2026, Besi raised its long-term revenue target to EUR 2.2 billion, as reported by DeBelegger. On September 30, 2026, the company reported a repurchase of 1,241 shares at a weighted average price of EUR 193.35 in an official Besi release. On October 7, 2026, UBS cut its target to EUR 159.00 from EUR 370.00, citing slower hybrid-bonding adoption.

What does the target cut change?

The numerical gap reflects a sharper disagreement about demand timing. UBS expects 20 hybrid-bonding equipment orders in 2028, compared with a market expectation of 100, and forecasts 50 orders in 2028 and 2029 against market expectations of 70 to 100, according to Beurs.nl. The issue is therefore not only the current order cycle but also the pace at which advanced packaging becomes a larger equipment market.

Revenue growth faces a margin test

Besi generated EUR 249.9 million of revenue and EUR 89.0 million of net income in the second quarter of 2026. Orders reached EUR 292.9 million, 128.8 percent above the year-earlier level, while the gross margin was 65.7 percent, according to DeBelegger. Management expects third-quarter revenue to rise 10 to 15 percent from the second-quarter base, with gross margin at 63 to 65 percent.

The next reporting date

Besi is scheduled to publish third-quarter results before the market opens on October 22, 2026, according to MarketBeat. That release will put the order pipeline and the margin range against the UBS adoption concerns.

Stock valuation remains demanding

The Lang & Schwarz price is 50.62 percent below Besi's 52-week high of EUR 328.40 and 35.00 percent above its 52-week low of EUR 120.15, based on the same October 15, 2026 market snapshot. The contrast leaves the reporting date as the next measurable test of whether order growth can offset concerns about hybrid bonding.

Besi stock was trading at EUR 162.18 at Lang & Schwarz on October 15, 2026 at 9:36 a.m. CEST.

The further course of trading is shown by the continuously updated real-time quote of Besi stock.