JPMorgan keeps Neutral rating on Zalando stock at EUR 32

Published on 10/07/2026 at 10:30 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Second-quarter revenue reached EUR 3.42 billion, up 20.80 percent year over year. Zalando stock costs EUR 22.76 versus EUR 22.39 on October 7, 2026.

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Zalando (ISIN DE000ZAL1111) was trading at EUR 22.76 at Lang & Schwarz on October 7, 2026 at 10:18 a.m. CEST, up 1.65 percent versus the prior close of EUR 22.39. JPMorgan kept its Neutral rating and EUR 32.00 price target on October 1, 2026, giving the latest analyst view a 40.60 percent premium to the Lang & Schwarz price.

JPMorgan sees margin pressure

According to finanzen.net on October 1, 2026, analyst Georgina Johanan projected operating income of EUR 101.00 million for Zalando in the third quarter of 2026. The note also identified agentic artificial intelligence risk as a continuing concern, while the EUR 32.00 target and Neutral rating were unchanged.

Deutsche Bank Research had kept a Buy rating and a EUR 35.00 target on September 30, 2026, according to Finanznachrichten. The bank cited continuing B2C margin pressure but described Zalando as relatively strong within the industry.

Revenue grows as margins narrow

Zalando reported revenue of EUR 3.42 billion in the second quarter of 2026, an increase of 20.80 percent from the prior-year quarter, while adjusted EBIT reached EUR 204.80 million, up 10.40 percent year over year, according to Capital.com. The adjusted EBIT margin narrowed to 6.00 percent from 6.50 percent as the consolidation of ABOUT YOU diluted group profitability.

The same second-quarter report showed net income of EUR 73.80 million, down from EUR 96.60 million in the prior-year quarter. B2B revenue reached EUR 334.70 million, up 27.60 percent year over year, highlighting the faster growth of Zalando's platform business compared with the group total.

November report sets next test

Zalando is scheduled to publish its third-quarter 2026 results on November 3, 2026, according to finanzen.net. Management's 2026 outlook calls for GMV and revenue growth in the lower half of the previous 12.00 percent to 17.00 percent range, while adjusted EBIT guidance stands at EUR 680.00 million to EUR 720.00 million, according to the earnings-call transcript published for the second quarter.

That combination gives the November update two measurable tests: whether growth accelerates beyond the lower half of the range and whether profitability can move toward the guidance midpoint. The current analyst split is therefore material, with JPMorgan emphasizing operating risks at EUR 32.00 and Deutsche Bank retaining a more positive EUR 35.00 target.

Stock trades above prior close

Zalando was trading at EUR 22.76 at Lang & Schwarz on October 7, 2026 at 10:18 a.m. CEST, plus 1.65 percent versus the Lang & Schwarz prior close of EUR 22.39 on October 6, 2026. Its primary listing is on Xetra, where the finance quote showed EUR 22.73 at 10:13 a.m. CEST on October 7, 2026, while the 52-week range was EUR 18.61 to EUR 30.43 and market capitalization was EUR 5.6 billion.

The further course of trading is shown by the continuously updated real-time quote of Zalando stock.