Berenberg keeps Buy rating for Bechtle stock at EUR 40.00

Bechtle stock (ISIN DE0005158703) was trading at EUR 34.81 at Lang & Schwarz on October 6, 2026 at 9:49 a.m. CEST, up 1.55 percent from the prior close of EUR 34.28. According to FinanzNachrichten, Berenberg kept its Buy rating and EUR 40.00 price target on September 24, 2026.

Berenberg sees a EUR 40 target

Berenberg's target lies 14.91 percent above the Lang & Schwarz price. The research note linked the view to expectations of an improving German economy, fiscal impulses and stronger exports, while naming Bechtle among companies positioned to benefit from several trends.

FinanzNachrichten reported on September 21, 2026 that Deutsche Bank Research raised its target from EUR 45.00 to EUR 49.00 and retained a Buy rating. The change places the Deutsche Bank target 40.84 percent above the Lang & Schwarz price, a wider gap than Berenberg's target implies.

Second-quarter growth supports the case

Bechtle reported second-quarter 2026 sales of EUR 1,732.20 million, up 16.50 percent from EUR 1,487.20 million a year earlier, according to Research Hub. EBITDA increased 18.70 percent to EUR 126.70 million, while EBIT rose 23.00 percent to EUR 84.10 million in the same period.

The figures show why analysts are emphasizing operating leverage rather than sales alone. Earnings per share reached EUR 0.46 in the second quarter, up 21.10 percent year over year, while the EBIT margin improved from 4.60 percent to 4.90 percent.

Stock remains below its yearly high

The Lang & Schwarz price is 22.89 percent below Bechtle's 52-week high of EUR 45.14 and 41.66 percent above its 52-week low of EUR 24.56, both as of October 6, 2026. Market capitalization stood at EUR 4.4 billion on the same date.

Bechtle operates across IT infrastructure, cloud, workplace, security, artificial intelligence and managed services. Its investor-relations page says the group had more than 16,000 employees, over 120 locations in 14 European countries and 2025 business volume of EUR 8.6 billion, while the company is listed in the MDAX and TecDAX.

Analyst targets set the next test

The contrast between Berenberg's EUR 40.00 target and Deutsche Bank's EUR 49.00 target gives investors two clear valuation reference points. The nearer target requires a smaller re-rating, while the higher estimate depends on stronger medium-term growth expectations described in the Deutsche Bank note.

Bechtle was trading at EUR 34.81 at Lang & Schwarz on October 6, 2026 at 9:49 a.m. CEST, plus 1.55 percent versus the prior close of EUR 34.28. The further course of trading is shown by the continuously updated real-time quote of Bechtle stock.

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