UBS cuts target for Besi stock from EUR 370 to EUR 159

Published on 10/14/2026 at 13:37 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Bank of America cut its target to EUR 212 on October 6, 2026. Besi stock costs EUR 171.55 on October 14, 2026, below the EUR 172.50 Xetra close.

Analyst targets reset growth expectations

Bank of America cut its target to EUR 212 on October 6, 2026.
Second-quarter 2026 revenue reached EUR 249.90 million.
Besi stock trades at EUR 171.55 at 1:33 p.m. CEST at Lang & Schwarz on October 14, 2026, 0.55 percent below the Xetra close of October 13, 2026.
Third-quarter results are scheduled for October 22, 2026.

Flatlay mit Aktienzertifikat, ISIN-Karte, LED-Bauteilen und Werkzeug auf Holztisch — Signify N.V. und ISIN NL0012866412 im Flatlay mit Aktienzertifikat, LED-Bauteilen und Werkzeugen auf Holztisch, Illustration mit AI erstellt.

Besi (NL0012866412) stock faces a lower valuation bar after UBS cut its rating from Buy to Sell and its target from EUR 370 to EUR 159 on October 7, 2026, according to Investing.com. The downgrade puts the debate over hybrid bonding demand ahead of Besi's third-quarter report.

Three dates reset the valuation

On July 23, 2026, Besi's second-quarter update showed revenue of EUR 249.90 million and net income of EUR 89.00 million, according to Troy Technical. The same report describes first-half 2026 revenue of EUR 434.70 million, bookings of EUR 562.60 million and net income of EUR 140.60 million.

On October 6, 2026, Bank of America cut Besi from Buy to Neutral and reduced its target to EUR 212, while Barclays lowered its target from EUR 250 to EUR 240 and kept an Equalweight rating, Investing.com reported. UBS followed on October 7 with its EUR 370 to EUR 159 target cut.

What does hybrid bonding mean?

The technology is central because Besi's first-half 2026 bookings were EUR 562.60 million, up 116.50 percent from EUR 259.90 million in the first half of 2025, while revenue increased 48.80 percent to EUR 434.70 million, according to Troy Technical. That gap makes order conversion the key test for the next report, especially as UBS argued that hybrid bonding adoption in high-bandwidth memory could lag consensus.

Besi's business remains concentrated in semiconductor assembly equipment, with hybrid bonding positioned as a higher-value packaging process. The counter-factor is competition: Bank of America cited the risk that ASML could enter the hybrid bonding market, while UBS also pointed to slower demand for high-bandwidth memory equipment, according to Investing.com.

Results arrive on October 22

Besi is scheduled to report third-quarter 2026 results on October 22, 2026, giving investors the next measured test of the 10.00 percent to 15.00 percent revenue-growth outlook cited in the company's interim context. The first-half figures show a sharp recovery, but the analyst cuts show that future hybrid bonding adoption now carries more weight in the valuation than the latest revenue increase.

Stock trades below the Xetra close

Besi was trading at EUR 171.55 at Lang & Schwarz on October 14, 2026 at 1:33 p.m. CEST, down EUR 0.95 or 0.55 percent versus the Xetra close of EUR 172.50 on October 13, 2026. The 52-week range was EUR 120.15 to EUR 328.40, and market capitalization was EUR 13.6 billion as of October 14, 2026. The further course of trading is shown by the continuously updated real-time quote of Besi stock.