Deutsche Telekom Scores 17 Analyst Buys as Buyback Machine Grinds On
Published on 07/10/2026 at 15:06 | Redaktion boerse-global.de
Deutsche Telekom has achieved a rare feat in the DAX: all 17 analysts covering the stock rate it a buy, with not a single sell recommendation in sight. That unanimity, reinforced by JPMorgan’s reaffirmed "Overweight" rating and a €40 price target, helped lift the shares 2.81 percent to €26.00 on Friday, bouncing back from the year’s low of €23.54 hit on 30 June. The rebound now totals more than 10 percent from that trough.
The bullish consensus comes at a time when the buyback programme is adding steady demand to the market. Between 1 and 3 July, the company repurchased 908,705 of its own shares on Xetra at a weighted average price of €24.74, spending roughly €22.5 million. Those transactions belong to the third tranche of a €2 billion buyback scheme that runs until the end of 2026. The first two tranches, completed in January–March and April–June, scooped up over 35 million shares for more than €1 billion. The current tranche, worth up to €560 million, must finish by 30 September.
That combination of analyst support and share repurchases has fostered a cautious optimism, even though the stock remains under pressure on several fronts. The 52-week high of €34.35, set on 27 February, still lies roughly 24 percent above Friday’s close. Year-to-date the shares are down 9.26 percent, and over the past twelve months the loss is a slimmer but still negative 7 percent. Technical indicators reinforce the weakness: the RSI sits at 39.4, well below the oversold threshold, and the share price trails both its 50-day and 200-day moving averages by 7.7 percent and 12 percent respectively.
Should investors sell immediately? Or is it worth buying Deutsche Telekom?
The headwinds are well documented. Growing competition from SpaceX’s satellite internet services and persistent speculation about a possible restructuring of T-Mobile US have weighed on sentiment for weeks. Barclays recently trimmed its target price, citing a tougher competitive landscape in the United States, the satellite threat, and the risk that a future holding?company structure involving T-Mobile US could complicate the equity story. Even so, Barclays remains fundamentally positive on the stock, and no analyst has flipped to a sell.
Attention now turns to 6 August, when Deutsche Telekom reports second?quarter earnings. Until then, the buyback programme and the analyst consensus — 17 buys, zero sells — should continue to provide a floor, even if the shares have a long way to go before reclaiming February’s highs. The repurchase activity itself is proceeding independently of the share price: the company has now bought back nearly 36 million own shares in 2026 alone, with an average cost below the current market level, and another 560 million euros of firepower remains for the summer months. Whether that is enough to shift the broader narrative from caution to conviction will depend on the 6 August numbers and any news on the T?Mobile US front.
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