Deutsche Telekom's Buy Consensus Holds Firm as Three Brokers Trim Price Targets
Published on 11/10/2026 at 20:31 | Editorial boerse-global.de
Deutsche Telekom shares moved in a narrow band on two consecutive sessions, slipping 0.6% one day and recovering 0.5% to EUR 26.31 the next, as investors digested a wave of lower price targets that stopped short of any downgrade. Bank of America, Goldman Sachs and the DZ Bank all cut their valuation marks while keeping their buy recommendations intact.
Bank of America lowered its target to EUR 32 from EUR 36, according to media reports, retaining its "Buy" rating. Goldman Sachs had already moved on Friday, trimming its target to EUR 36 from EUR 38 and reaffirming its "Buy" call, with analyst Andrew Lee adjusting his estimates after the quarterly report to reflect T-Mobile US guidance and recent currency moves. The DZ Bank cut its fair value to EUR 33 from EUR 35 on Thursday, likewise leaving its "Kaufen" verdict unchanged.
What is weighing on the targets
Lower cash flow assumptions, adjustments in the US business, capital spending and medium-term inflation pressure all played a part, the reports said. Possible competition from SpaceX in US mobile communications was also seen as a drag on expectations for T-Mobile US.
The cautious revisions landed despite an upgraded outlook. The group now expects around EUR 47.6 billion in adjusted EBITDA AL for 2026, with free cash flow AL of roughly EUR 20.1 billion. Management is planning a dividend of EUR 1.10 per share for 2026.
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Reuters attributed the negative share price reaction after the figures partly to disappointed expectations around the dividend increase. Lingering merger speculation involving Deutsche Telekom and T-Mobile US also weighed, the agency reported, with possible US mobile plans from Starlink in the spotlight as well.
Buyback execution and a EUR 2 billion plan for 2027
On the capital returns front, the company confirmed the purchase of around 5.22 million of its own shares under its running buyback programme, acquired between 2 and 6 November. The mandatory disclosure documents the execution of the existing programme rather than the announcement of a new volume. Separately, the board is planning share buybacks of up to EUR 2 billion for 2027 — distinct from the transactions already completed.
The financial backdrop comes from the third quarter of 2026, when group revenue rose 5.5% organically to EUR 31.1 billion. Adjusted EBITDA AL climbed 8.0% organically to EUR 12.2 billion.
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Network tests add a second front
Away from the numbers, Deutsche Telekom reported first place in the mobile network test run by IMTEST and zafaco, earning an overall grade of "sehr gut" with a score of 1.24. That followed Friday's announcement of another victory in the nationwide Computer-BILD mobile network test, where the company received an overall grade of "sehr gut (1.2)" and led the field on 5G availability, speed and latency.
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