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 8.70 price target.

Abstract
LAIQON’s AI subsidiary LAIC published the six-year live performance track record of two of its flagship AI-managed multi-asset funds, marking an important validation point for the investment case. Since inception (May 2020-May 2026), the LAIQON AI Dynamic Multi Asset S delivered +66.4%, outperforming its Morningstar peer group by +28.2pp, while the LAIQON AI Defensive Multi Asset S returned +34.9%, outperforming by +18.6pp. The Defensive fund also carries strong independent third-party ratings (5-star Morningstar, Scope A). Critically, these results are a six-year live track record, not a backtest, across genuinely diverse market conditions including the COVID recovery, the 2022 inflation and interest-rate shock and the 2025-26 geopolitical volatility. The performance provides meaningful support for the commercial positioning of the LAIC ADVISOR platform and strengthens the investment case underpinning LAIQON’s two most important white-label growth initiatives: (1) the Union Investment WertAnlage roll-out and (2) the Amundi AI-ETF launch. The strong YTD 2026 performance of +18.1% (Dynamic) and +11.2% (Defensive) is particularly timely and reflects successful allocations to themes such as semiconductors and hydrogen. Overall, the published track record reinforces our positive view of LAIQON’s scalable AI-driven platform and its potential to support above-average growth. We confirm our Buy rating and €8.70 price target (upside: >90%).