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AEIS · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Advanced Energy Industries Inc (AEIS) stock moving?
Advanced Energy reported Q3 2026 results on Nov 2 with revenue of $696M, up 50% year-over-year and above the top of guidance, record Semiconductor and Data Center Computing revenue, and non-GAAP EPS of $3.65 against a $3.04 estimate. Q4 guidance was above consensus: revenue of $735M ±$25M versus about $694M expected, and non-GAAP EPS of $3.90 ±$0.30 versus about $3.42. The company also repurchased $30M of stock in October at an average of $240.77. One Benzinga item reports Q3 sales of $595.4M as a miss, which conflicts with the $696M in the company's release, so the release figure is treated as correct here. Despite the beat and raise, six brokers cut price targets on Nov 3 (Citigroup $450 Buy, Morgan Stanley $368 Overweight, Wells Fargo $310 Overweight, BofA $330 from $410, Baird $330 Outperform, TD Cowen $275 Hold), and most still sit above the Nov 10 close of $221.69. The stock fell from $238.10 on Nov 3 to $211.56 on Nov 4 and $185.66 on Nov 5, the sharpest drop in the period, on volume of 1.49M shares, about double the recent norm. No news item explains that drop. It recovered to $219.30 on Nov 9 (+11.3%) and $221.69 on Nov 10, with volume tapering. Overall, fundamentals and guidance are strong, but the cut targets and the sharp swing show that sentiment is still unsettled.
News behind the analysis
- Advanced Energy Indus Q3 Adj. EPS $3.65 Beats $3.04 Estimate, Sales $595.400M Miss $644.857M EstimateNon-GAAP EPS beat consensus, but Benzinga's sales figure of $595.4M conflicts with the $696M revenue in the company's release.
- Advanced Energy Indus Sees Q4 Adj EPS $3.60-$4.20 vs $3.42 Est; Sees Sales $710.000M-$760.000M vs $693.567M EstQ4 adjusted EPS and sales guidance midpoints sit above analyst estimates.
- Advanced Energy Industries, Inc. Reports Q3 Results and Issues Q4 GuidanceCompany reported Q3 2026 revenue of $696M, up 50% year-over-year, above the high end of guidance, and guided Q4 revenue to $735M ±$25M.
- Citigroup Maintains Buy on Advanced Energy Indus, Lowers Price Target to $450Citigroup kept its Buy rating but lowered its price target to $450.
- Morgan Stanley Maintains Overweight on Advanced Energy Indus, Lowers Price Target to $368Morgan Stanley maintained Overweight and cut its price target to $368.
- BofA Securities Adjusts Advanced Energy Industries Price Target to $330 From $410BofA Securities lowered its price target from $410 to $330.
- TD Cowen Maintains Hold on Advanced Energy Indus, Lowers Price Target to $275TD Cowen kept a Hold rating and lowered its price target to $275.
- Wells Fargo Maintains Overweight on Advanced Energy Indus, Lowers Price Target to $310Wells Fargo maintained Overweight and cut its price target to $310.
- Baird Maintains Outperform on Advanced Energy Indus, Lowers Price Target to $330Baird maintained Outperform and lowered its price target to $330.
About Advanced Energy Industries Inc
Advanced Energy Industries is a Colorado-based company that designs and makes precision power-conversion products, like the RF and DC power systems semiconductor fabs use to etch and deposit material on chips, plus power supplies for data centers, industrial and medical equipment. What sets it apart is that it is a leading specialist supplier of the power subsystems inside chipmaking tools, and it has grown quickly by selling high-efficiency power supplies for AI data-center servers.
How it makes money
It sells power products in four markets. In Q3 2026 revenue was a record of about $696 million. Semiconductor equipment brought in about 46% (about $322 million), sold mainly to chip-tool makers. Data center computing brought in about 37% (about $256 million), from power supplies for servers and AI hardware. Industrial and medical brought in about 13% (about $91 million), and telecom and networking made up the rest, roughly 4%. Management expected full-year 2026 revenue to grow by about 40%.
What usually moves AEIS
- Semiconductor equipment and wafer-fab spending cycles
- AI data-center and hyperscaler server buildouts
- Supply constraints for ICs, circuit boards and ceramics
- Gross margin trends and factory capacity expansion
- Tariffs and trade policy affecting its Asia-based manufacturing