Hensoldt Lifts 2026 Revenue Target to €2.8 Billion as Morgan Stanley Trims Its Price Objective
Published on 11/15/2026 at 19:01 | Editorial boerse-global.de
Hensoldt has nudged its full-year 2026 revenue guidance higher, to around €2.8 billion from roughly €2.75 billion previously, with the defence contractor now guiding to an adjusted EBITDA margin of about 19.0%. The upgrade, issued on 5 November, landed alongside nine-month figures showing €1.86 billion in revenue and €281 million in adjusted EBITDA. Management also expects the order intake-to-sales ratio to come in at the top end of its prior 1.5x to 2.0x range.
The revised outlook drew a mixed reception from the analyst community, with price targets scattering across a wide band in the days that followed.
Morgan Stanley cut its target to €81 from €82 on Friday while keeping an "Equal Weight" rating, a modest trim that nonetheless placed it well below the levels set by its peers. JPMorgan moved the other way on Wednesday, upgrading Hensoldt to "Overweight" from "Neutral" and lifting its price target to €105 from €100. Analyst Lucy Fitzgerald pointed to the product portfolio and investment aimed at expected growth as the basis for the upgrade. A second source described JPMorgan's rationale as resting on the production ramp-up and the 21% revenue growth recorded in the first nine months of 2026.
Should investors sell immediately? Or is it worth buying Hensoldt?
Deutsche Bank Research maintained its buy recommendation on Wednesday but trimmed its target to €100 from €105. Analyst Christophe Menard cited a slight deviation in the expected growth trajectory from his original estimate. The two Wednesday moves bracket the €100 to €105 range, with JPMorgan at the top and Deutsche Bank at the bottom.
The stock added 1.1% on Friday.
Shareholder Disclosures Add to the Picture
Regulatory filings have also drawn attention to the register. FIL Limited reported a 3.02% voting rights stake in Hensoldt on Friday, having crossed the reporting threshold on Tuesday, with the voting rights attributed to the firm. BlackRock disclosed a total position of 4.93% on 9 November, split between 3.03% in voting rights from shares and 1.90% through instruments, after crossing the threshold on 4 November.
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