BESI has been among the best performing stocks within the AEX since the beginning of 2026. In our previous article, we indicated that the probability of a correction towards €150 was increasing. In the past week, this level has now been reached, but we expect that the correction may not be complete yet.
Time for an update. In this article, we discuss the key technical levels and share our expectations for the coming months. For background information, we refer to our previous article.
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The current situation at BESI
Last Friday, March 6th, the price of BESI dropped by approximately 20% in a single day. The decline was caused by reports that the standard for the height of HBM chips may be expanded, meaning chipmakers could potentially continue using existing technology (TCB) for a longer period.
This would mean that the transition to hybrid bonding, a technology seen as a key growth driver for BESI, will take place later than previously expected. Investors reacted strongly, and the price dropped significantly.
Although this market reaction was sharp, the share price has since recovered reasonably well. The recent rebound indicates some resilience, with investors continuing to support BESI's long-term prospects
What do analysts expect?
Analysts remain cautiously optimistic about BESI, with an average target price of €190. Although the price has experienced some fluctuations in recent months, most analysts point to the strong order intake and the solid position of the company within the semiconductor sector. However, it is also noted that the price sensitivity to macroeconomic developments, such as currency risks and weakness in certain markets, could play a role in short-term volatility.
Yelza's view
In our previous article about Besi, we advised reducing the position around the then price of €190, given the increased likelihood of a correction. As expected, the price experienced a significant drop last week. Since then, the price has somewhat recovered and is fluctuating around €175. In that article, we also mentioned the consideration of taking a new position if the price drops to €150.
Despite the recovery, we expect the correction to not be fully completed yet and believe there may still be room for a further decline towards the €130–€140 range. Once the price reaches this level, it could be a good time to expand the BESI position, with a view toward an increase towards our unchanged target price of €210.
Below we show the price chart of BESI since the beginning of 2025, including the most likely scenario according to our model.
Conclusion
BESI's recently expected share price decline has created temporary uncertainty, but the fundamental outlook remains strong. While analysts remain cautiously optimistic with an average price target of €190, we expect that the correction may not be complete yet. The share price has now partially recovered, but the possibility for further declines towards the €130 - €140 zone remains. This may offer investors an opportunity to re-enter or extend the existing position from €150 for the ride towards our unchanged price target of €210.
BESI will release figures again on April 23, 2026.
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 for educational purposes only.