Cellnex stock: Jefferies lifts target to 35 euros after Q3

Published on 11/11/2026 at 17:07 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Jefferies raised its target for Cellnex stock after the tower operator's nine-month update. The company kept its main financial targets intact.

Cash generation and analyst view

Jefferies raised its Cellnex price target while keeping a Buy rating after the third-quarter update.
Cellnex reported stronger nine-month cash generation and retained its main 2026 targets.
The Poland programme brings near-term investment pressure but is designed to improve long-term infrastructure efficiency.

Cellnex, ES0105066007, Illustration mit AI erstellt.

Jefferies raised its price target for Cellnex after the company reported stronger cash generation for the first nine months of 2026. The brokerage retained a Buy rating, according to a Reuters report published by Investing.com on November 6.

Cellnex stock traded at 26.53 euros on Lang & Schwarz at 5:02:15 p.m. CET on Wednesday, November 11, 2026.

Analyst target moves higher

Jefferies lifted its price target to 35 euros from 34 euros and kept its Buy recommendation. The broker estimated that the Polish investment would reduce 2027 free cash flow to 675 million to 875 million euros, all else equal.

That assessment follows Cellnex's agreement with Polkomtel to expand infrastructure sharing in Poland. The programme includes new co-locations, antenna relocations and site decommissioning, with 500 million euros of incremental capital expenditure planned through 2030.

Cash conversion improves

Cellnex's official results release said free cash flow reached 474 million euros in the nine months ended September 30, compared with 186 million euros a year earlier. Growth investment fell 22 percent to 860 million euros, while like-for-like operating expenses declined 4.4 percent.

The adjusted EBITDA margin expanded to 84.8 percent from 83.1 percent. Net financial debt stood at 21.044 billion euros at September 30, while the net-debt-to-adjusted-EBITDA ratio improved to 6.13 times from 6.28 times at the end of 2025.

Poland remains the key trade-off

Cellnex retained its 2026 guidance and its 2027 leverage target of 5 to 6 times. Management expects the Polish programme to support higher long-term revenue, EBITDA after leases and cash generation, but the company also expects a 300 million euro reduction in 2027 like-for-like free cash flow from the investment and accelerated Build-to-Suit deliveries.

European telecommunications infrastructure stocks remain sensitive to leverage, refinancing costs and demand for network capacity. The Euro Stoxx 50 market environment provides the broader regional backdrop.