KPN stock trades at EUR 4.00 as JPMorgan lifts target to EUR 5.10

Published on 09/29/2026 at 10:32 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

KPN stock reflects Q2 adjusted revenue of EUR 1.464 billion on July 22, 2026. JPMorgan raised its target to EUR 5.10 as service revenue trends improve.

Techniker montiert Glasfaserbox an Mast vor holländischen Grachtenhäusern — Fotorealistischer Techniker installiert Glasfaserkabel und symbolisiert Netzausbau von Koninklijke KPN N.V. ISIN NL0000009082, Illustration mit AI erstellt.

KPN stock (ISIN NL0000009082) was trading at EUR 4.00 on Euronext Amsterdam on September 29, 2026, down 0.60 percent from the prior close of EUR 4.02. The latest analyst catalyst is JPMorgan's upgrade from Neutral to Overweight and its target increase from EUR 4.70 to EUR 5.10 on September 25, 2026.

JPMorgan raises the target

According to Investing.com, JPMorgan expects KPN's 2026 service revenue to grow 1.60 percent year over year, with second-half growth of 2.50 percent compared with 0.80 percent in the first half. The bank also projects 2027 free cash flow growth of 25.00 percent as capital expenditures decline.

The target move gives the analyst view a clear numerical reference point. Against the EUR 4.00 intraday price, JPMorgan's EUR 5.10 target lies 27.50 percent above the share price.

Q2 margin improves to 45.60 percent

KPN's latest reported period was the second quarter and first half of 2026, released on July 22, 2026. Stocksentinel reported adjusted Q2 revenue of EUR 1.464 billion, down 0.50 percent year over year, while first-half adjusted revenue rose 0.80 percent to EUR 2.911 billion.

Comparable adjusted EBITDA after leases increased 3.40 percent year over year to EUR 668 million, and the adjusted EBITDA AL margin reached 45.60 percent. First-half free cash flow was EUR 329 million, up 6.80 percent year over year, giving investors a stronger cash-flow comparison than the headline revenue change.

Q3 results set for October 27

According to MarketScreener, KPN's next earnings release is scheduled for October 27, 2026. That date gives the market a defined checkpoint for testing whether the second-half service revenue improvement described by JPMorgan is emerging in reported results.

Stock remains below EUR 4.91 high

KPN was trading 18.53 percent below its 52-week high of EUR 4.91 and 6.67 percent above its 52-week low of EUR 3.75 on September 29, 2026. Its market capitalization was EUR 15.3 billion, with 1,060,345 shares traded in the session at the quoted time.