ams-Osram Upgrade to OW: AI Photonic + Smart Glasses upside, solid base business, deleveraging supports sentiment

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ams-Osram Upgrade to OW: AI Photonic + Smart Glasses upside, solid base business, deleveraging supports sentiment

J P M O R G A N Europe Equity Research

19 May 2026

ams-Osram ▲Overweight

Previous: Neutral

Upgrade to OW: AI Photonic + Smart Glasses upside, AMS.S, AMS SW

Price (18 May 26):CHF18.92

solid base business, deleveraging supports sentiment ▲Price Target (Dec-27):CHF23.60

Prior (Dec-27):CHF11.80

We move to Overwight on ams-Osram, on improving growth prospects with the AI European Tech Hardware &

Photonics business now more credible, larger and sooner than previously thought, Payments

with Smart Glasses also an increasing contribution to profitable growth. The base Craig A McDowell AC

Semiconductor business (mainly exposed to Auto, Consumer, Industrial) should (44-20) 7742-4576

see improvement in this soft up-cycle with volumes in most end-markets appearing craig.mcdowell@jpmorgan.com

to have found a floor; while the Legacy Lamps business is benefiting from the Sandeep Deshpande

challenges of a competitor (with support for revenue and margins). ams-Osram (44-20) 7134-5276

shares have had a strong run in the last month (+54%) but this is in the context of sandeep.s.deshpande@jpmorgan.com

European-listed Analog peers with AI/DC exposure which have experienced Anthony Girard

(44-20) 3493-6469

similar moves (e.g. IFX +40%, STM +44%). We expect that investor perception anthony.girard@jpmorgan.com

(and the multiple) can continue to improve for ams-Osram as leverage is lowered, J.P. Morgan Securities plc

interest costs are reduced and earnings quality/FCF generation improves. In this

note we also detail a Bull Case which could lead to 2027-2028 Revenue 8-10% Specialist Sales contact details:

ahead and Adj. EBITDA 20-29% ahead of Bloomberg consensus.