Kepler cuts Siltronic, says recovery already priced in

Siltronic AG

09/07/2026 09:29

   **  Kepler Cheuvreux downgrades German semiconductor wafer maker Siltronic WAFGn.DE to "hold" from "buy", saying much of the expected volume-driven recovery is now priced in
** Kepler says industry news flow has improved, supported by stronger leading-edge wafer demand in logic and memory, lifting confidence in full-year 2027/28 trends
   ** "However, we are not willing to price in the blue-sky scenario - a pricing-driven upward spiral - today", the broker says
** Broker points to significant recent greenfield investments and long-term agreements covering around 70% of 300mm volumes, which it says should limit upside surprise from pricing
** Kepler expects Q2 operational performance to remain muted, with the recovery mainly driven by improving volumes rather than near-term price increases
** Siltronic shares rise 10.2%, tracking gains across the semiconductor sector; the stock is up over 70% year-to-date

 (Reporting by Nathan Vifflin in Gdansk)
 ((nathan.vifflin@thomsonreuters.com; +48 58 769 67 13;))