Qué esperar de Soitec, la estrella de la Bolsa europea este año

This year, the European stock market star Soitec is expected to soar, with its shares increasing by an astounding 521.6% in 2026. Investment banks are now issuing verdicts on this French company that designs and manufactures advanced semiconductor materials. Soitec is the top performer on the Stoxx 600 index this year, driven by the photonic sector.

Its silicon-based photonics products enable servers and artificial intelligence supercomputers to transmit data through light instead of electricity, accelerating cloud computing exponentially. The rapid growth of this business is overshadowing Soitec's mobile, automotive, and industrial divisions, which previously weighed on its stock price and caused investor skepticism.

While market sentiment remains divided between skepticism and enthusiasm, the consensus upgrade opinions are set to revalue the company, transforming it from a speculative title to a long-term investment. JPMorgan analyst Craig McDowell has upgraded his recommendation to overweight and raised the price target to 200 euros, projecting a potential 38.75% upside.

Barclays believes the rally could go even further, estimating the share price could triple to around 300 euros within the decade. Photonic sales contributed nearly 100 million euros to Soitec's accounts last year and are expected to reach 300 million euros, representing half of the company's total business by the end of the decade.

JPMorgan calculates operating margins above 30%, fueled by sales volume and product mix, supporting long-term projections on the company. The firm is mindful of seizing the sweet moment now in the AI market and is executing a private placement of 500 million euros in convertible bonds today. The bonds will carry an annual coupon between 0.5% and 1% and a conversion premium between 50% and 55%.

With over 10 active customers in production or qualification, backed by multi-year capacity reservation agreements with cash deposits, analysts estimate that photonic revenues could increase by 175% in the fiscal year 2027 and by 75% in 2028, according to Barclays' Simon Coles, who also recommends overweighting the stocks with a price target of 200 euros.