Deutsche Bank Lifts OHB Target to €300 as Analysts Bet on Defense-Driven Growth
Published on 09/26/2026 at 21:50 | Editorial boerse-global.de
Shares of OHB SE climbed 5.9% on Friday to close at €180.00, powered by a fresh bullish call from Deutsche Bank Research. The Bremen-based space and technology group saw its price target raised to €300 from €275, with the bank maintaining its "Buy" rating. Analyst Sriram Krishnan argued that the market continues to underestimate both the company's growth momentum and its medium-term order potential.
The upgrade caps a week that saw OHB make several strategic moves, each reinforcing its position at the intersection of civil space technology and European defense policy.
A Week of Strategic Milestones
OHB's return to Germany's premier technology index set the tone. Effective September 21, the company rejoined the TecDAX, displacing IT services provider CANCOM — a move first announced in early September that broadens OHB's visibility among institutional investors.
Management followed up with concrete guidance for the current fiscal year and ambitious targets beyond. For 2026, OHB projects total output of €1.4 billion and an adjusted EBITDA margin between 10.5% and 11.0%. The medium-term outlook is considerably bolder: total output exceeding €4.0 billion with an adjusted operating margin of roughly 13%.
Should investors sell immediately? Or is it worth buying OHB SE?
Saab Partnership Adds Defense Dimension
On Thursday, OHB Sweden signed a memorandum of understanding with defense and technology group Saab to deepen cooperation on space-based defense capabilities. The framework agreement explores the deployment of modern satellite systems to strengthen European security structures, with a focus on space-based situational awareness, secure communications, connectivity, and critical infrastructure resilience.
While the memorandum carries no immediate order volume or revenue commitments, it signals OHB's push to position its technological expertise at the nexus of space and European defense policy — a segment poised to benefit from rising budgets amid shifting geopolitical realities.
The €1 Billion IRIS² Contract
The defense pivot builds on substantial industrial momentum. On August 31, SES awarded OHB a contract worth nearly €1 billion to develop and build 18 satellite platforms for the European connectivity program IRIS². The order not only validates OHB's technical credentials but also fills its order book for years to come.
Analyst Consensus Strengthens
Deutsche Bank is not alone in its optimism. Berenberg reaffirmed its buy recommendation on Thursday, keeping its price target unchanged at €358. The dual support from prominent analysts reflects growing confidence in OHB's trajectory.
Since the start of the year, the stock has gained 54%, giving the company a market capitalization of €3.53 billion.
The combination of a well-stocked order book, backing from major analysts, and expanding opportunities in the security sector has begun to shift how the market values OHB. Yet the re-rating process appears far from complete.
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