Double the Cycles, Double the Fun - Initiating with OW Rating and $400 PT

Research evidence excerpt

Double the Cycles, Double the Fun - Initiating with OW Rating and $400 PT

Semiconductors & Semiconductor Equipment

Advanced Energy Industries, Inc. (AEIS)

EQUITY RESEARCH Initiating Coverage

June 11, 2026

Double the Cycles, Double the Fun - Initiating with Price: $308.17

Price Target: $400.00 OW Rating and $400 PT

Rating: Overweight

We are initiating coverage of Advanced Energy Industries, Inc. (AEIS) with

Key Statistics: an Overweight rating and a $400 price target (suggesting ~30% upside).

Symbol NSQ: AEIS AEIS is a precision power company, playing to two major cycles, including 52-Week Range 122.08 - 397.44

WFE spending (subsystem supplier here) and Data Center power spending Market Cap 11,719.9

ADV (3 mo) 780,262 (custom supplier of power conversion "boxes"), along with exposure to a

Shares Out (M) 38.0 more traditional Industrial market recovery. Our OW rating is rooted in 5

key dynamics:

Research Analysts:

1. You want to own subsystem suppliers into a WFE upcycle, and we Matthew Prisco

212-610-2416 believe this is the mother of all upcycles — AEIS generates nearly

Matthew.Prisco@cantor.com 50% of its revenue here, and is levered to AMAT/LRCX spending and

C.J. Muse dep/etch intensity, along with new product ramps in eVos, eVerest

212-915-1935 and NavX CJ.Muse@cantor.com

Jamison Phillips-Crone, CFA 2. Power remains one of the most exciting growth vectors within Data

720-320-9242 Center, and AEIS is well positioned here with nearly 35% of revenue

jamison.phillips-crone@cantor.com coming from DC — we highlight idiosyncratic opportunities here

Nick Monroe

212-829-5456 through AEIS' custom solution and customer expansion beyond the

Nick.Monroe@cantor.com core hyperscalers in CY27+

3. Industrial recovery adds a third growth vector to the story with REV ($M)