JPM upgrades ams-OSRAM on AI photonics, smart glasses boost

ams-OSRAM AG

19/05/2026 11:56

** Shares in ams-OSRAM AMS.S rise around 3% after J.P. Morgan raised the Swiss company to "overweight" from "neutral", citing growth from its smart glasses business and a potential upcycle in AI photonics

** JPM says improving growth prospects in AI photonics are now more credible, larger and sooner than previously thought, with smart glasses also contributing to profitable growth

** The broker adds the base semiconductor business should improve as volumes in most end-markets appear to have bottomed

** "Investor perception can continue to improve for ams-OSRAM as leverage is lowered, interest costs are reduced and earnings quality and free cash flow generation improve," it says

** The stock is among the best performers of Switzerland's mid-cap index .SMIM

 (Reporting by Ozan Ergenay)

 ((ozan.ergenay@thomsonreuters.com))