Aixtron's Steep Retreat From June Peak Moves Analyst to Drop Sell Recommendation
Published on 07/20/2026 at 17:23 | Redaktion boerse-global.de
The scale of Aixtron's share price decline over the past month has prompted a significant shift in analyst sentiment at mwb research, which has abandoned its long-standing Sell rating in favour of Hold. The stock has shed roughly 40% since hitting a record €62.68 in June, including a 34% slide over the last 30 trading days alone. That rout, the firm argues, has stripped away the excessive valuation that left no room for positive surprises, bringing its €40 price target within striking distance of the current €39.33 level.
Operational momentum, however, tells a markedly different story from the share price chart. The MIT Lincoln Laboratory ordered two 300-millimetre Hyperion systems from Aixtron at the end of June for work on gallium nitride (GaN) and 2D materials. That research-focused deal follows a string of industrial wins: ROHM Semiconductor committed in early June to Aixtron's G10-GaN platform for GaN power semiconductor production, while Lumentum placed orders in May for multiple G10-AsP MOCVD systems aimed at boosting capacity for high-speed optics in AI networks. The company maintains fortress-like positions in several niches, with market shares approaching 90% in parts of its portfolio, and the analyst team at mwb pegs annual revenue potential from AI Optics and HVDC at between €340 million and €610 million.
Yet the volatility surrounding the stock remains extreme. The 30-day annualised volatility clocked in at nearly 79% in the most recent readings, and the relative strength index of 34 points to oversold conditions that could curb further downside pressure in the near term. JPMorgan struck a notably more bullish tone on 14 July, reaffirming an Overweight rating and a €70 target — though that call predates the latest leg of the sell-off. Shareholders approved a dividend of €0.15 per share for the 2025 financial year at the annual general meeting in mid-May.
Should investors sell immediately? Or is it worth buying Aixtron?
Aixtron's next major catalyst arrives on 30 July, when the company releases its half-year financial report. The numbers will offer the first detailed look at how the recent flurry of orders feeds into revenue and profitability. For the silicon carbide (SiC) segment, a meaningful recovery appears further off: mwb research expects a turnaround no earlier than late 2027 or early 2028, leaving that business a waiting game for now.
Even after the steep retreat, the stock still shows a year-to-date gain of over 127%, underscoring the ferocity of both the run-up and the correction. The downgrade from Sell to Hold does not constitute a buy signal, the analysts caution, but it does acknowledge that the market has largely purged the overblown expectations that inflated the June peak. Whether the operational wins translate into concrete financial results will become clearer with the half-year disclosure, followed by the third-quarter update scheduled for 29 October.
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