09:25 AM EDT, 10/26/2026 (MT Newswires) -- Berenberg kept its hold rating on VAT Group (VACN.SW) as it flagged signs of the semiconductor equipment cycle reaching its peak amid an "exceptional" third-quarter order intake for the Swiss industrial components company. "While the current demand momentum may continue well into 2027, we are concerned that the market is extrapolating today's extraordinary growth rates too far into the future. The risk is not necessarily an imminent downturn, but rather that growth expectations become increasingly difficult to exceed," analysts said Monday. "Moreover, the unprecedented speed of the current ramp increases execution risks across the entire supply chain." On the back of increasing operational challenges, the research firm lowered its earnings estimates for 2026 to 2028 by 3%. Analysts' price target for the stock also fell to 660 francs from 695 francs, which also takes into account, "more importantly, a higher risk adjustment in our valuation methodology." VAT Group's 697 million francs order intake in the quarter was higher than Berenberg's 515 million francs estimate. The order backlog was a record 980 million francs.

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