Barclays cut Aixtron rating from Overweight to Equal Weight, citing limited upside despite stronger business momentum.
Price target raised to €39 from €33, based on a 30‑times 2027 earnings estimate of €1.28.
Revenue forecasts lifted 6% for 2026 and 15% for 2027, driven by optoelectronics now 70% of Q1 orders.
Upside case assumes estimates 20% low, applying a 35‑times multiple, implying a €55 target price.