Besi has been one of the most talked-about stocks on the Dutch stock market in recent months. An impressive rise this year was followed by a sharp correction, fueled by doubts about the pace of adoption of hybrid bonding. Today, we’ll review developments since our last article and reassess our outlook and strategy for the coming period.
We recommend that you read our most recent analysis from May 21, 2026, titled“ASML, Besi, and ASMi: Update with NewPrice Targets.”This will ensure you’re fully up to speed on the background.
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What have been the developments at Besi since May 2026?
Besiperformed exceptionally well in the first half of 2026. In the second quarter, revenue rose to €250 million, nearly 69% more than a year earlier, and net income soared to €89 million, a 177% increase year-over-year.
For the first half of the year as a whole, revenue totaled over €434 million and profit exceeded €140 million, well above last year’s levels. For the third quarter, the company still expects growth, though clearly at a slower pace than in previous quarters, which is not unusual following such explosive growth.
Despite these strong figures, the stock has fallen sharply since early July, and particularly in August: on a single trading day, the share price dropped by approximately 17%. From its peak of €328 in June, the stock is now trading around €178. The reason is technical news: Besi is generating a growing portion of its revenue from “hybrid bonding,” a new, more precise method of bonding chips together that is becoming particularly important for memory chips (HBM) used in AI hardware. Major memory manufacturers such as Samsung and SK Hynix appear to be making the transition to this technology more slowly than expected and are sticking with the older, cheaper method for the time being.
For now, this is merely a temporary setback, not a structural shift. In the long term, chips will become increasingly compact and feature more connections, which, according to the industry, will still make hybrid bonding indispensable. Moreover, Besi does not rely solely on memory chips: the technology is also used for logic chips and chiplets, which TSMC, for example, is already working with. These broader applications remain unaffected by the current slowdown.
What is the analysts’ outlook on Besi’s stock price?
Following the stock price drop, analysts have become divided on the appropriate next steps. KBC Securities has become more cautious about the pace of hybrid bonding adoption within the memory sector and maintains a price target of €225. Oddo BHF, on the other hand, stated that the market overreacted sharply to the news and maintained its positive recommendation. Zacks Research had already downgraded the stock from “strong buy” to “hold” at the end of June, while banks such as JPMorgan, Morgan Stanley, Barclays, and Goldman Sachs had actually raised their price targets in the weeks leading up to the correction.
Among the analysts covering the stock, a majority remain positive, with an average 12-month price target of approximately €285 to €300. The range of price targets is wide and reflects uncertainty about the pace at which hybrid bonding is being rolled out. Nevertheless, the structural growth outlook for advanced packaging, driven by AI infrastructure and data centers, remains intact among most analysts.
What is Yelza’s outlook on Besi’s stock price?
In our May 21, 2026, article, we set a price target of €300, with an expected correction toward €220 to €200. The reality turned out differently: within a month, the share price had already risen to a new peak of €327. After that, sentiment shifted, and the price fell much further than expected to its current level of approximately €178. The sharp fluctuations within the AI sector are currently causing exceptionally large price swings, making it particularly difficult to predict both peaks and corrections. Below, you can see Besi’s price history since late 2025, along with our revised scenario.
Source: TradingView, analysis by Yelza
Since the correction has been deeper than expected, our model anticipates a further decline toward the €157 to €147 range before the bottom is definitively established. This level is expected to mark the end of the current correction phase and, consequently, the starting point of a new upward move toward approximately €240.
After reaching that zone around €240, our model anticipates an interim pullback toward €187, as part of a healthy consolidation within the broader uptrend. From that level, the price can then begin the second and final phase of the rally.
Based on this revised scenario, we are raising our price target for the coming period from €300 to €360.
Conclusion
Despite the sharp correction, Besi remains a structural growth stock within the global AI infrastructure sector. If you already hold a position in Besi, you may consider holding onto it and possibly gradually adding to it as the price drops further toward €157 to €147, with an eye toward the price target of €360.
If you do not yet have a position, the ongoing correction may present an interesting entry point. The broader market, including the Nasdaq, is currently moving sideways without a clear direction, but it is also not falling any further. As a result, the likelihood that the Nasdaq will still fall toward 27,000 points, and that Besi will drop to €145 along with it, is decreasing. Slightly more aggressive investors can use this development to build an initial position even before the market hits its definitive bottom. The risk, however, remains that the share price could first fall even further toward €145.
On October 22, 2026, Besi will release its third-quarter earnings report, a moment that could provide more clarity on order trends and, consequently, on the next steps in this scenario.
Disclaimer: Investing involves risks. Our analysts are not financial advisors. Always consult an advisor when making financial decisions. The information and tips provided on this website are based on our analysts’ own insights and experiences. They are therefore intended for educational purposes only.