Deutsche Telekom's Solid Quarter Meets a Harder Sell: Barclays Lifts Target, Goldman and DZ Bank Cut
Published on 11/12/2026 at 04:42 | Editorial boerse-global.de
Deutsche Telekom delivered a third-quarter 2026 revenue of EUR 31.1 billion and raised its full-year guidance, yet the stock's appeal still hinges on whether investors trust the growth of its US subsidiary in the face of mounting competition. That tension shaped the shares' valuation once again, with brokers split between rewarding the operating performance and marking down their price expectations.
Barclays came down on the constructive side. The UK broker lifted its price target to EUR 33 from EUR 32 and reiterated its "Overweight" rating, praising the quarter's figures. Even so, the analysts flagged that sentiment remains weighed down by competitive risks facing T-Mobile US — specifically, pressure from satellite communications rivals. The stock edged up 0.3% to EUR 26.10 on the day of that note.
Payout Plans and a Raised Outlook
The operating backdrop gives the bulls something to work with. Alongside the quarterly results, the management board on 5 November held out the prospect of a dividend of EUR 1.10 per share and lifted its guidance for the full year. Adjusted EBITDA after lease costs (EBITDA AL) came in at EUR 12.2 billion for the quarter, while adjusted net profit reached EUR 3.0 billion.
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For the year as a whole, the group now expects around EUR 47.6 billion in adjusted EBITDA AL and roughly EUR 20.1 billion in free cash flow AL. Management also dangled share buybacks of up to EUR 2 billion for 2027, a plan that sits alongside the proposed dividend.
A Divergence in Price Targets
Not every house read the quarter the same way. Goldman Sachs trimmed its target to EUR 36 from EUR 38 about a week ago while keeping its buy recommendation; analyst Andrew Lee revised his estimates after the quarterly report, factoring in both forecasts for T-Mobile US and recent currency moves. DZ Bank, for its part, cut its fair value to EUR 33 from EUR 35 on 5 November following the nine-month report and the slightly raised outlook, but left its "Kaufen" — buy — rating in place.
The stock's most recent close of EUR 26.20 sits well below both the lowered Goldman target and the revised DZ Bank fair value, though those remain analyst opinions tied to the assumptions behind them. The next scheduled checkpoint is the fourth-quarter 2026 report, expected on 25 February 2027. Until then, the reported figures and the competitive pressure on T-Mobile US will remain the two poles pulling at the valuation — and a more convincing investment case would need the business to keep supporting the optimistic analyst expectations while easing concerns about the US unit.
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