Aixtron Attracts Goldman Sachs Stake Increase as Analyst Lifts Rating After 33% Correction
Published on 07/21/2026 at 16:03 | Redaktion boerse-global.de
Aixtron shares climbed 3.69% to €40.46 on Tuesday, clawing back some ground after one of the sharpest drawdowns in the TecDAX this summer. The recovery was supported by news that Goldman Sachs Group had boosted its position in the German semiconductor equipment maker to 8.69% of voting rights, alongside an analyst upgrade that acknowledged the severity of the recent sell-off.
According to a regulatory filing under Section 40(1) of the WpHG, Goldman Sachs now holds 3.34% of Aixtron’s voting rights through shares and a further 5.35% via instruments. That marks an increase from a previous threshold of 8.28%, with the total number of voting rights standing at 113,456,120. The move by the Wall Street heavyweight adds a layer of institutional confidence to a stock that has been under heavy pressure in recent weeks.
The latest correction has been dramatic. From a 52-week high of €62.68 set on June 18, 2026, Aixtron shares had tumbled roughly 33% to trade around €39–€40. Over the past 30 days alone, the stock has shed 33.04% — a decline that prompted MWB Research to drop its "Sell" recommendation and lift the rating to "Hold" on July 20. The analysts left their price target unchanged at €40.00, noting that the sharp drop had pulled the stock much closer to their valuation. They attributed the slide primarily to profit-taking and a reassessment of the artificial intelligence narrative across the sector, rather than any deterioration in Aixtron’s underlying business.
Should investors sell immediately? Or is it worth buying Aixtron?
MWB emphasized Aixtron’s dominant market position, estimating the company holds roughly 90% of the market for AI-optoelectronics and high-voltage direct current (HVDC) applications. The annual revenue opportunity from those two segments is pegged at €340 million to €610 million. Gallium nitride (GaN) is flagged as another growth driver, while meaningful contributions from silicon carbide (SiC) are not expected until late 2027 or early 2028. For the second quarter, MWB forecasts an order intake exceeding €200 million — a figure that, if confirmed, would underline robust demand in Aixtron’s core businesses.
Analyst community remains divided
The broader analyst consensus paints a mixed picture. Among nine recent ratings tracked by the market, the average price target comes in at €51.00, with two "Buy" and seven "Hold" recommendations and no "Sells". But the range is wide: Jefferies is most bullish at €73, JPMorgan at €70 and Warburg Research at €56, while Morgan Stanley sits at €35 and Barclays at €39. Deutsche Bank and Berenberg fall in the middle with €43 and €42 respectively, and UBS at €50.
MWB’s own estimates see earnings per share of €0.71 for 2026 and €1.15 for 2027, implying an EV/EBIT multiple of 22.5 on the 2027 figure. The full second-quarter results are due on July 30, and the order backlog will be a key focus for investors looking to validate whether the recent correction was merely a valuation adjustment rather than a signal of fundamental weakness.
Technical indicators still point to recovery work
Tuesday’s gain, boosted by a broader chip rally in Asia on the back of falling oil prices and hopes of easing tensions in the Middle East, helped Aixtron close above the psychologically important €40 mark. However, the 50-day moving average — a widely watched technical gauge — currently stands at €51.86, still some 22% above the current price. That gap underscores that the recovery is in its early stages, even as the combination of an analyst upgrade and a fresh stake from Goldman Sachs provides some short-term support in a still-volatile technology landscape.
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