Voestalpine Analysts Trim Targets as Tariffs and Middle East Conflict Cloud Second Half
Published on 11/14/2026 at 13:31 | Editorial boerse-global.de
Voestalpine shares slipped 2.0% on Friday after a round of broker revisions that left the steelmaker's buy ratings intact but shaved price targets and profit estimates, following a half-year report in which the company lowered the top end of its full-year earnings guidance.
JPMorgan cut its price target to EUR 52.50 from EUR 56.80 on Thursday while keeping an "Overweight" rating, according to media reports, with analyst Dominic O'Kane reaffirming the recommendation. BNP Paribas took a more cautious line the same day, reducing its target to EUR 41.50 from EUR 46.00 and maintaining a neutral stance — leaving the two houses divided on both the valuation and the investment call.
Deutsche Bank Research also adjusted its numbers on Thursday, lowering EBITDA estimates for the 2027 to 2029 financial years by 3–7%, though it confirmed its "Buy" rating and EUR 63.00 target. Two further analysts reiterated buy recommendations with targets between EUR 63.00 and EUR 64.00, even as one of them described the half-year results as negative for the stock, pointing to the reduced company outlook as a signal of roughly 6% lower EBITDA in the 2026/27 financial year despite recovering EU steel prices.
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The guidance revision came on Wednesday, when Voestalpine narrowed its EBITDA forecast for 2026/27 to EUR 1.60–1.70 bn, down from a previous range of EUR 1.60–1.85 bn. Management blamed the persistent war in the Middle East, which has driven up energy and logistics costs, along with additional provisional US tariffs.
Those trade barriers are already feeding through to the company's footprint. At the Kindberg site, Voestalpine announced on Monday a capacity adjustment involving the loss of around 150 jobs by the end of March 2027, citing US tariffs and difficult conditions in key alternative markets in the Middle East. Voestalpine Tubulars and the works council opened talks on a social plan, according to an ORF report from yesterday, with an agreement expected by the end of November.
For the first half of 2026/27, the group reported revenue of EUR 7.7 bn, up 0.8%. EBITDA climbed 17.1% to EUR 846 mln, while EBIT rose 36% to EUR 470 mln. Net profit after tax advanced 46% to EUR 290 mln. The company noted that EBITDA and EBIT each included positive one-off effects of around EUR 100 mln.
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Voestalpine Stock: New Analysis - 14 November
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