Overview
Jefferies has adjusted its forecasts across its DACH small- and mid-cap coverage this week, raising price targets for Nordex, Siltronic, Jenoptik and IFCN and maintaining buy ratings on the stocks following solid first-quarter earnings reports. The research updates, issued across the week, emphasize both operational improvements at several names and continued near-term frictions at others.
Nordex
The firm increased its price target on Nordex to $57 after what Jefferies described as another "solid earnings beat" to open 2026. In a research note dated Friday, Jefferies credited a higher-quality backlog, consistent execution and improving service margins as the key contributors to the company’s profit-and-loss performance. The backlog remains at record levels and management conveyed confidence in order intake, which Jefferies characterized as robust, supporting a sustained trajectory through 2026.
Siltronic
Jefferies raised its view on Siltronic following early indications of improving demand. The note, published on Tuesday, said the cyclical low is now behind the company and that management can expect production utilization to remain broadly stable as the industry waits for the next upgrade cycle. The research brief added that visibility on a stronger recovery in overall wafer volumes is still subdued, but Jefferies judges the upside potential to be greater than downside risk.
Jenoptik
The research team also raised Jenoptik’s price target to $38, pointing to a clear year-to-date improvement in order intake, led by accelerating momentum in semiconductor equipment. Jefferies noted that after doubling its micro-optics capacity for semiconductor applications last year, Jenoptik is well positioned to capture growth in that segment. The firm further observed that the company’s data-center and defense businesses are expanding, albeit from a relatively small base, in the same Tuesday note.
IFCN
Jefferies also raised its price target on IFCN as part of this round of updates. The research commentary grouped IFCN with the other names that saw more constructive near-term demand or improved operational dynamics; however, the research notes do not provide additional numeric detail on the revised IFCN target in the commentary cited here.
Munters
Munters remains a top pick for Jefferies. In a Monday note the firm said solid first-quarter order momentum supports the view that recent subdued near-term earnings reflect timing and phasing effects rather than a deterioration in demand. Jefferies highlighted that the company’s short-term earnings performance has been weighed down by tariffs, product transitions and ramp-up dynamics.
Implications and context
Across the updates, Jefferies stressed pockets of improving demand in semiconductor-related equipment and optics, stronger backlogs for turbine manufacturer Nordex and ongoing operational headwinds at others caused by policy and product-cycle timing. The guidance and commentary cited in Jefferies’ notes point to a mix of structural improvements and temporary frictions that will determine near-term earnings trajectories within this small- and mid-cap DACH cohort.
Key takeaways
- Jefferies raised price targets for Nordex, Siltronic, Jenoptik and IFCN and maintained buy recommendations after Q1 results.
- Nordex received a $57 price target as a result of a higher-quality backlog and improving service margins, with management confident about order intake for 2026.
- Siltronic and Jenoptik were upgraded on signs of demand recovery and expanded capacity in micro-optics, while Munters stays a top pick despite near-term earnings pressure from tariffs and ramp-ups.