KeyBanc raised the firm’s price target on Advanced Energy (AEIS) to $375 from $330 and keeps an Overweight rating on the shares. Discussing the space, the firm says 2025’s end market momentum was primarily a function of Data Centers and Aerospace & Defense, but it thinks demand may broaden in 2026. AI-themes naturally remain top of mind given rapid increases in WFE expectations to support the 2nm node transition and capacity additions for memory, advanced packaging, et al. Now, however, KeyBanc is seeing more positive signs around non-res construction, automation/robotics, global infrastructure, and general engineering.
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