FRANKFURT (dpa-AFX) - A more optimistic outlook pushed Aixtron shares on Thursday to a high since 2000. Analyst Olivia Honychurch of investment house Jefferies wrote in an initial assessment of a strong set of figures for the second quarter of the chip equipment manufacturer. She said incoming orders were eight percent above market expectations. The company's higher annual targets for 2023 were still above their assumptions and reflected the current strong business situation.

The shares rose by a good twelve euros to 34.72 euros at the top of the MDax in the morning. They thus left behind the high of just over 34 euros from 2011 and climbed to their highest level in 23 years. Most recently, the shares were still a good eleven percent higher.

In 2011, a rally driven by the LED boom came to an abrupt end. LED manufacturers had ordered more machines from equipment suppliers such as Aixtron than they ultimately needed in the short term, and demand fell.

After a prolonged dry spell - interrupted only by the failed takeover attempt by a Chinese company - Aixtron has now been benefiting for a while from the growing demand for machines to manufacture modern, energy-efficient semiconductors based on silicon carbide and gallium nitride.

Major chip companies are currently expanding their capacities in this area, as demand for particularly high-performance electronic chips continues to grow in the wake of global digitalization, electromobility, and the energy transition, and as Western countries seek to reduce their dependence on China.

Aixtron shares have already gained a good 260 percent since the end of 2019. Jefferies analyst Honychurch remains confident that the development will continue. She sets a price target of 45 euros./mis/ngu/jha/