Deutsche Bank raises target for AT&S stock from EUR 320.00 to EUR 380.00

Published on 10/23/2026 at 09:32 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

AT&S earned EUR 40.85 million in fiscal Q1 2026/27. AT&S stock costs EUR 144.00 on October 23, 2026, 62.11 percent below the EUR 380.00 target.

Capital structure and operating recovery

Deutsche Bank lifted its AT&S target from EUR 320.00 to EUR 380.00 on October 8, 2026.
Fiscal first-quarter 2026/27 revenue reached EUR 548.70 million, up 37.50 percent year over year.
AT&S stock traded at EUR 144.00 at 9:30 a.m. CEST at Lang & Schwarz on October 23, 2026.

At&S, AT0000969985, Illustration mit AI erstellt.

AT&S (AT0000969985) received a EUR 380.00 price target from Deutsche Bank, up from EUR 320.00, in an October 8, 2026 update, while the stock was trading at EUR 144.00 at Lang & Schwarz on October 23, 2026 at 9:30 a.m. CEST. The revised target gives the analyst view a wide gap to the live euro quote.

Refinancing changes the capital picture

According to AT&S, the company planned to redeem its 2022 hybrid bond for EUR 350.00 million on October 22, 2026. The issuer said the refinancing would reduce recurring financing costs, with the new instrument carrying a coupon about 50 percent below the old bond.

The move matters because AT&S is funding a large manufacturing expansion while working to improve cash generation. TickerGuard cited a planned Kulim investment of EUR 1.50 billion to EUR 2.00 billion and customer prepayments of EUR 907.20 million as of June 30, 2026.

What does Q1 mean for margins?

Simply Wall St reported that fiscal first-quarter 2026/27 revenue rose 37.50 percent year over year to EUR 548.70 million. EBITDA increased from EUR 70.60 million to EUR 165.00 million, lifting the margin from 17.70 percent to 30.10 percent.

The improvement reached the bottom line as well. Net income was EUR 40.85 million in the quarter, compared with a net loss of EUR 60.50 million in the prior-year period, while earnings per share improved to EUR 0.93 from a loss of EUR 1.55. For investors, the next test is whether higher substrate demand can offset the execution burden of new capacity.

Three dates frame the recovery

On June 13, 2026, AT&S had a EUR 1.50 billion to EUR 2.00 billion Kulim investment under final negotiation, according to TickerGuard. On August 4, 2026, fiscal first-quarter revenue reached EUR 548.70 million, with EBITDA at EUR 165.00 million. On October 8, 2026, AT&S announced the EUR 350.00 million hybrid bond redemption through its investor-relations release.

Next reporting date is November 5

The next dated checkpoint is November 5, 2026, when AT&S is scheduled to publish its half-year results, according to Simply Wall St. That report will show whether the first-quarter margin recovery is continuing while refinancing and capacity spending reshape the balance sheet.

Stock price and investor perspective

The current quote places the stock below Deutsche Bank's EUR 380.00 target, but that gap is an analyst valuation view rather than a forecast. The operating evidence investors can measure next is the half-year report and its cash-flow development.

The further course of trading is shown by the continuously updated real-time quote of AT&S stock.