Barclays ups Aixtron to "overweight" seeing AI as an upside driver

AIXTRON SE

05/11/2025 10:03

** Shares of German semiconductor company Aixtron AIXGn.DE rise 5.8% after Barclays upgrades the co to "overweight" from "equalweight"

** Broker expects "exciting" opportunity for gallium nitride (GaN) and silicon carbide (SiC), driven by new data centre architectures and AI's demand for compute power

** Estimates wafer demand and therefore tool demand for Aixtron, anticipating ~100 million euros/year in sales from 2028, mainly driven by gallium nitride for AI power

** In an upside case, broker sees up to 150 million euros/year and estimates that over 15 GaN and ~5 SiC tools could support 1GW/month of data centre capacity additions

** Also notes expectations for silicon carbide are now arguably derisked, despite past challenges of overcapacity, price cuts and competitive pressures

** Increases GaN revenue estimates from 2027 and sits 5% above consensus sales

** Out of 19 analysts covering Aixtron, seven rate it "strong buy" or "buy",​ 11 "hold", one "sell" - data compiled by LSEG

(Reporting by Joao Manuel Mauricio)

((JoaoManuel.VicenteMauricio@thomsonreuters.com))