Deutsche Telekom Lifts Guidance and Dividend as Broker Price Targets Diverge
Published on 11/14/2026 at 04:01 | Editorial boerse-global.de
Deutsche Telekom has given investors two reasons to look past a subdued share price, raising both its full-year profit outlook and its proposed payout. The stock added 0.4% yesterday, a modest move that masks a busier week of news on networks, artificial intelligence and analyst revisions.
At the centre of the story are the third-quarter figures published on 5 November 2026. Organic revenue grew 5.5% to EUR 31.1 billion, while adjusted EBITDA AL climbed 8.0% organically to EUR 12.2 billion. Those numbers came with upgraded guidance: management now expects adjusted EBITDA AL of around EUR 47.6 billion for 2026, alongside free cash flow AL of roughly EUR 20.1 billion.
Shareholders are in line for a higher distribution. The board intends to propose a dividend of EUR 1.10 per share to the annual general meeting scheduled for 14 April 2027 — a proposal rather than a payment already approved.
Two Brokers, Two Directions
Analyst reaction has been mixed. Barclays lifted its price target for the stock from EUR 32 to EUR 33 on Wednesday, with Mathieu Robilliard reaffirming an "Overweight" rating on the back of the strong results. His note carried a caveat, however: investor sentiment has been weighed down by the prospect of satellite-based competition for T-Mobile US.
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Goldman Sachs moved the other way. According to media reports, the bank trimmed its target from EUR 38 to EUR 36 on 6 November, while keeping its buy recommendation intact.
Fibre in the North, AI in the South
On the operational front, the group reported the start of fibre-optic build-out in Wismar, a project that will make connections possible for 2,406 households and businesses. The company was careful to describe these as potential connections rather than lines already in place.
Further expansion in Bavaria is under review, though no final investment decision has been taken on those additional plans. What is already funded is the enlargement of the AI factory in Munich's Tucherpark to 20 megawatts, announced on Monday at a cost of just under a further quarter of a billion euros. The build-out adds NVIDIA Blackwell Ultra systems to the site.
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Alongside the infrastructure work, the company expanded its Magenta Moments loyalty programme with new offer categories on Wednesday and introduced a weekly "Magenta Wednesday" promotion.
Investors will get their next full set of numbers on 25 February 2027, when Deutsche Telekom plans to report fourth-quarter and full-year 2026 results.
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