Barclays sparks rally in Belimo with bullish AI infrastructure call

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Belimo, traditionally viewed as a commercial HVAC specialist, is increasingly benefiting from demand tied to AI-driven data centres. Barclays estimates around 20% of the company’s sales are linked to data centres, with most of that exposure tied to liquid cooling technologies.

The report argues that the market still sees Belimo primarily as a cyclical HVAC business rather than an AI infrastructure beneficiary. Analysts say this perception gap has left the stock lagging peers such as Schneider Electric, ABB, Legrand and Prysmian, despite comparable exposure to data-centre growth trends.

Barclays maintained its “Overweight” rating on Belimo and set a price target of CHF 1,000, implying nearly 27% upside from the stock’s closing price of CHF 788.50 on 13 May 2026.

According to the analysts, liquid cooling systems command higher margins and more specialised specifications than traditional HVAC products, creating what they describe as significant “earnings torque” as the business mix shifts toward AI infrastructure. Barclays said it is already 7% ahead of consensus EBIT forecasts for FY2026 and around 30% ahead for 2028 estimates.

The report also noted that Belimo’s valuation premium versus the broader European capital goods sector has fallen to its lowest level since the COVID-19 period, which Barclays believes fails to reflect the company’s long-term growth potential from AI-related demand.