First Berlin Equity Research has published a research update on LAIQON AG (ISIN: DE000A12UP29). Analyst Christian Orquera reiterated his BUY rating and maintained his EUR 10.50 price target.

Abstract
LAIQON AG has entered a strategic partnership with Amundi, Europe’s largest asset manager (>€2tn in AuM), to launch its first actively managed, AI-driven ETF in H1 2026. The product will utilise Amundi’s ETF-as-a-Service platform and LAIQON’s proprietary LAIC ADVISOR technology to deliver dynamically optimised European equity allocation. We view the agreement as a major strategic milestone for LAIQON. The partnership represents LAIQON’s first cooperation in the ETF segment, providing access to a highly scalable, pan-European distribution infrastructure. At the same time, it is the second Tier-1 external validation of LAIQON’s proprietary AI technology, following the white-label “WertAnlage” solution launched with Union Investment in late 2024. Whereas Union validated LAIC’s personalised AI portfolio management within cooperative-bank networks, the Amundi partnership extends this validation into the ETF ecosystem, marking an important expansion of LAIQON’s technology footprint. During the Frankfurt Eigenkapitalforum (EKF) investor conference, management provided encouraging insight into its expanding AI-driven product offering and the operational progress of the group’s partnerships. In our view, management is delivering as expected. Based on unchanged estimates, we reiterate our Buy rating and €10.50 price target (upside >150%).