Deutsche Telekom Accelerates Buyback as Bernstein Slashes Price Target
Published on 09/29/2026 at 07:01 | Editorial boerse-global.de
Deutsche Telekom's capital return machine is running at full tilt, even as equity analysts turn more cautious on the Bonn-based carrier's outlook.
The DAX heavyweight disclosed the repurchase of 3,292,319 of its own shares during the trading week spanning September 21 to 25 — a marked step-up from the 2,945,800 shares it bought back between September 14 and 18. Since the current tranche kicked off on August 10, the group has now retired 17,298,084 shares from the market, up from 14,005,765 as of the September 18 reporting date. The steady shrinking of the share count provides a mathematical lift to earnings per share for the investors who remain on the register.
Bernstein Steps to the Sidelines
The buyback tailwind is meeting a less forgiving mood on the sell side. On Friday, Bernstein downgraded the stock from "Outperform" to "Market-Perform" and took an axe to its fair value estimate, cutting it from EUR 37 to EUR 28.10. According to Reuters, the brokerage pointed to uncertainty surrounding a potential merger with T-Mobile US, mounting competitive pressure in the German broadband market, and a neutral stance on the American subsidiary.
The reassessment weighed on the share price. The stock closed the latest session down 1.1% at EUR 26.76, leaving it 3.7% lower since the start of the year and 22% below its 52-week high.
Should investors sell immediately? Or is it worth buying Deutsche Telekom?
Streaming, eSIM and a Satellite Summit
Beyond the balance sheet, management is busy widening the group's digital footprint. HBO Max went live on the MagentaTV platform on September 23, giving customers the ability to book the streaming service directly through Deutsche Telekom's own interface.
A fresh mobile offering, T-Travel, bundles data packages for more than 200 destinations worldwide via an eSIM platform — and is open to users who hold no Telekom contract at all. On September 19, the company hosted its Satellite Day 2026 at its Bonn headquarters, drawing roughly 350 participants to discuss linking terrestrial mobile networks with satellite-based communications. The strategic logic is clear: defend existing revenue streams while opening data-driven business lines beyond classic telecommunications.
Robots in Ingolstadt, AI in Focus
Operationally, Deutsche Telekom is pushing into industrial networking. On Thursday, together with software firm Unikie, it demonstrated automated loading and unloading of new vehicles onto rail wagons at Audi's Ingolstadt site. The carrier supplies the 5G connectivity and edge-cloud infrastructure, while its partner provides the vehicle control software.
Investors now have two dates circled. October 5 brings the "AI Investor Day," at which management will lay out how it intends to deploy artificial intelligence strategically. Quarterly results for the third quarter of 2026 follow on November 5.
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