Advanced Energy Industries

AEIS · NASDAQ

$239.65−$1.21 (−0.50%)TodayMarket closed · Oct 20, 7:59 PM ET

Prev close $240.86

AEIS analyst rating

BuyConsensus of 15 analysts over the last 12 months. 93% rate it a buy.

Strong buy0
Buy14
Hold1
Underperform0
Sell0

12-month price target · 16 analysts

Average $433.18 (+80.8% upside)

Low: $373.70
Now: $239.65
High: $561.75

Upgrades and downgrades

The latest rating actions, newest first

AEIS analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Seaport Global	Aug 5, 2026	Upgrade	Neutral → Buy	$410.00	66%
TD Cowen	Aug 4, 2026	Maintains	Hold	$350.00 → $370.00	56%
Citigroup	Aug 4, 2026	Maintains	Buy	$435.00 → $460.00	36%
Morgan Stanley	Aug 4, 2026	Maintains	Overweight	$421.00 → $439.00	50%
Needham	Aug 4, 2026	Maintains	Buy	$400.00	59%
Citigroup	Jul 22, 2026	Maintains	Buy	$410.00 → $435.00	36%
Morgan Stanley	Jul 22, 2026	Initiates	Overweight	$421.00	50%
Wells Fargo	Jul 1, 2026	Upgrade	Equal-Weight → Overweight	$345.00 → $465.00	54%
Susquehanna	Jun 30, 2026	Maintains	Positive	$430.00 → $535.00	59%
Cantor Fitzgerald	Jun 29, 2026	Maintains	Overweight	$400.00 → $450.00	58%

The case for and against

Updated Oct 14, 2026

Bull case

Advanced Energy Indus is well positioned to benefit from two major secular tailwinds: a generational WFE upcycle and accelerating AI data center power demand, with Semiconductor and Data Center Computing together representing about 80% of revenue and Data Center contributing nearly 35%. Its growth outlook is strengthened by new product ramps such as eVoS, eVerest, and NavX, which should expand share and support meaningful revenue growth, while Industrial and Medical adds a third recovery lever through new design wins and healthier demand. Fundamentally, the company’s gross margin has already moved above 40%, management is targeting 43%+ over time, and expanding capacity in Thailand and existing facilities supports higher earnings power and leverage as volumes rise.

Bear case

Advanced Energy Indus is facing a deteriorating fundamental setup because its core semiconductor exposure is vulnerable to a WFE slowdown, lower dep/etch intensity, and concentrated customer risk with AMAT and LRCX, while roughly 80% of service revenue and about 15% of overall semi revenue remain tied to that same end market. Management also highlighted that Data Center Computing revenue should grow in the mid-30%s Y/Y in CY26 versus +107% Y/Y in CY25, signaling a natural deceleration as prior wins become less incremental and hyperscaler concentration remains a risk. Financially, Industrial & Medical fell 8% q/o/q to $72MM, cash declined to $699.5MM from $791.2MM, debt held at $568.2MM, and operating cash flow was -$6.0MM, reinforcing pressure from leverage, execution, and uneven end-market recovery.

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