Citi upgrades Kone stock to Buy and cuts target to EUR 63.00

Published on 10/13/2026 at 06:00 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Citi set a EUR 63.00 target for Kone stock after EUR 65.00 on October 7, 2026. Revenue reached EUR 2.94 billion in the second quarter.

Key points in brief

Citi upgraded Kone to Buy and set a EUR 63.00 target on October 7, 2026, down from EUR 65.00.
Kone reported EUR 2.94 billion revenue in the second quarter of 2026.
Kone's next interim report is scheduled for October 28, 2026.
The last Lang & Schwarz indication was EUR 53.40 on October 12, 2026 at 11:00 p.m. CEST.

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Kone (ISIN FI0009013403) drew a Buy upgrade from Citi on October 7, 2026, with the target reduced from EUR 65.00 to EUR 63.00. According to Yahoo Finance, Citi linked the view to the proposed Thyssenkrupp Elevator transaction and assigned a 60.00 percent completion probability.

Three dated events and figures

On April 29, 2026, Kone reported first-quarter revenue of EUR 2.71 billion, up 1.30 percent year over year, while also announcing the planned TKE combination, according to Bourse Direct.

On July 22, 2026, Kone published second-quarter revenue of EUR 2.94 billion and net income of EUR 240.20 million, with the report date listed on KONE. On October 7, 2026, Citi then moved its rating from Neutral to Buy while lowering the target to EUR 63.00 from EUR 65.00, the current event in this sequence.

What does the target change mean?

The lower target reflects a weaker long-term growth assumption of 3.00 percent instead of 3.50 percent and a higher discount rate of 7.80 percent, according to Yahoo Finance. Citi also said Kone's estimate of EUR 700.00 million in annual savings within three years of completion appeared credible, compared with its own EUR 710.00 million estimate.

That combination creates a mixed signal. The rating improved, but the target fell by EUR 2.00 because the valuation assumptions became more cautious. For the operating business, the second-quarter revenue of EUR 2.94 billion was higher than the EUR 2.71 billion recorded in the first quarter, although the periods are sequential rather than year-over-year comparable.

Next reporting date is October 28

Kone's investor calendar names October 28, 2026, for the interim report covering January through September 2026. The calendar also records July 22, 2026, as the half-year report date, according to KONE.

The next report will give investors a fresh test of revenue growth, profitability and the assumptions behind the proposed TKE combination. Kone's 2025 sales were EUR 11.20 billion and adjusted EBIT represented 12.20 percent of sales, historical figures that frame the scale of the business.

Last euro indication

The last Lang & Schwarz indication was EUR 53.40 on October 12, 2026 at 11:00 p.m. CEST. The Xetra close on October 12, 2026 was EUR 53.30. The further course of trading is shown by the continuously updated real-time quote of Kone stock.