Aixtron seen up after JPM raises to 'overweight' on a clean setup for 2026

AIXTRON SE

21/01/2026 07:20

** Shares in Aixtron AIXGn.DE are seen up 5% in early Frankfurt trade after J.P. Morgan raises the chip systems manufacturer to "overweight" from "neutral", seeing a clean setup for the German company's shares with 2026 de-risked

** JPM expects Aixtron's main product groups such as silicon carbide (SiC) and gallium nitride (GaN) to support growth in the coming years

** The broker expects the company's order activity to improve through 2026 as power orders begin to rebuild as well as a continued strong activity in Optoelectronics business, which is based on the quantum mechanical effects of the light on electronic materials, especially semiconductors

** "We view this broad-based growth plus an improvement in cash-flow and returns as deserving of a higher multiple than has previously been ascribed to Aixtron, we still see further re-rating potential even after the recent run," JPM says

** "We had previously ascribed a low multiple to Aixtron given concerns on lack of duration of growth and declining free cash flow returns, but looking forward, we see both issues as resolving," it adds

** The stock has gained 10% YTD

 (Reporting by Ozan Ergenay)

 ((ozan.ergenay@thomsonreuters.com))