July 22, 2026 04:01 AM GMT Advanced Energy Industries Inc. | North America No slowdown to WFE or Data Center, Initiate at OW We see 14% upside to CY27 street EPS with conservative assumptions. At 22x/17x CY27/28 MSe, we see very attractive risk reward with a 5:1 bull-bear skew. Key Takeaways We model semi roughly in line with WFE, but below AMAT/LAM, and assume only minimal content uplift and broader customer adoption in DC. No slow down to WFE or Data Centers. We initiate coverage of Advanced Energy (AEIS) ...