UBS cuts Besi target to EUR 159: Besi stock sits 45.41 percent below its high

Published on 10/09/2026 at 11:13 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Second-quarter revenue rose 68.70 percent to EUR 249.90 million. Besi stock costs EUR 179.25 on October 9, 2026 after EUR 177.73.

Key points in brief

UBS cut its Besi rating from Buy to Sell and reduced the target from EUR 370.00 to EUR 159.00 on October 7, 2026.
Besi reported second-quarter 2026 revenue of EUR 249.90 million, up 68.70 percent year over year, with EUR 292.90 million in orders.
Besi stock was EUR 179.25 at Lang & Schwarz on October 9, 2026 at 11:08 a.m. CEST, plus 0.86 percent versus EUR 177.73.
The next official earnings release is scheduled for October 22, 2026, before market opening.

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Besi stock (ISIN NL0012866412) was trading at EUR 179.25 at Lang & Schwarz on October 9, 2026 at 11:08 a.m. CEST, plus 0.86 percent versus the prior close of EUR 177.73. On October 7, 2026, Beurs.nl reported that UBS had cut Besi from Buy to Sell and reduced its target from EUR 370.00 to EUR 159.00. The share price stood 45.41 percent below its EUR 328.40 52-week high as of October 9, 2026.

Three events set the timeline

On June 18, 2026, Besi lifted its long-term revenue target from EUR 1.50 billion-1.90 billion to EUR 1.70 billion-2.20 billion, according to De Belegger. On July 23, 2026, the company reported second-quarter revenue of EUR 249.90 million and orders of EUR 292.90 million, with revenue up 68.70 percent year over year, the same source reported. On October 7, 2026, UBS cut its target to EUR 159.00 and moved its rating to Sell, as Beurs.nl detailed.

What does the target cut change?

The disagreement centers on the timing of hybrid bonding adoption rather than Besi's recent execution. UBS expects 20 equipment orders in 2028, while market expectations cited by Investing.com point to roughly 100. The same report said UBS estimated EUR 424.00 million of hybrid-bonding revenue in 2030, compared with EUR 936.00 million implied by the market.

Bank of America had already cut its rating from Buy to Neutral and reduced its target from EUR 401.00 to EUR 212.00 on October 6, 2026, according to ING Markets. For Besi, that makes the next report a test of demand timing and margin quality, not merely another growth comparison.

October 22 brings the next test

Investing.com identified October 22, 2026, before market opening, as the next official earnings release date and cited consensus revenue of EUR 270.56 million and earnings per share of EUR 1.23. Those estimates sit against second-quarter revenue of EUR 249.90 million and provide a concrete benchmark for the expected third-quarter update.

Price holds above EUR 177.73

Besi was trading at EUR 179.25 at Lang & Schwarz on October 9, 2026 at 11:08 a.m. CEST, up 0.86 percent versus the prior close of EUR 177.73. The same quote placed the stock within a 52-week range of EUR 120.15 to EUR 328.40 and at a market capitalization of EUR 14.2 billion. The further course of trading is shown by the continuously updated real-time quote of Besi stock.