Jefferies cuts target for Cellnex stock from EUR 36 to EUR 34

Published on 10/23/2026 at 10:12 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Jefferies cut its Cellnex target to EUR 34.00 on October 20, 2026. Cellnex stock trades at EUR 26.34 on October 23, 2026, below that target.

Analyst view and cash generation

Jefferies cut its Cellnex target from EUR 36.00 to EUR 34.00 on October 20, 2026.
Free cash flow rose from EUR 19.00 million to EUR 301.00 million in the first half of 2026.
Cellnex stock trades at EUR 26.34 at 10:04 a.m. CEST at Lang & Schwarz on October 23, 2026.

Makroaufnahme von leuchtenden Glasfaserkabeln in Blautönen — Makroaufnahme leuchtender Glasfaserkabel veranschaulicht Cellnex Telecom S.A., ISIN ES0105066007, technologisches Rückgrat der Telekommunikationsinfrastruktur, Illustration mit AI erstellt.

Cellnex (ISIN ES0105066007) became the subject of a lower analyst target when Jefferies cut its valuation from EUR 36.00 to EUR 34.00 on October 20, 2026, while keeping its Buy recommendation, Bolsamania reported. The decision puts Cellnex's deleveraging and cash generation ahead of the November results.

Target cut keeps cash in view

Jefferies expects third-quarter revenue excluding pass-through items of EUR 1,015.00 million, up 4.20 percent from a year earlier, and adjusted EBITDA of EUR 860.00 million, 5.60 percent higher year over year. The estimates are close to consensus revenue of EUR 1,017.00 million, but adjusted EBITDA is 0.70 percent below the consensus forecast, according to Bolsamania.

Three dated catalysts

On July 30, 2026, Cellnex reported first-half revenue of EUR 1.99 billion and free cash flow of EUR 301.00 million, up from EUR 19.00 million a year earlier, according to Quartr. On October 19, 2026, Economía 3 reported that net financial debt stood at EUR 20.763 billion at the end of June, only EUR 55.00 million below the December 2025 level, Economía 3 reported. On October 20, 2026, Jefferies cut its target to EUR 34.00 from EUR 36.00 while retaining its Buy recommendation, Bolsamania reported.

What matters before November 5?

The next report must show whether cash generation is translating into faster debt reduction. Cellnex's adjusted EBITDA after leases rose 7.70 percent organically in the first half of 2026 to EUR 1.231 billion, while adjusted EBITDA increased 6.40 percent to EUR 1.687 billion, according to Quartr. Jefferies also cited debt costs and direct-to-device satellite risks as factors weighing on the valuation.

Next reporting date

Cellnex is scheduled to publish its third-quarter 2026 results on November 5, 2026, according to Quartr.

Stock price and analyst target

Cellnex stock was trading at EUR 26.34 at Lang & Schwarz on October 23, 2026, at 10:04 a.m. CEST. The quote is below Jefferies' EUR 34.00 target, leaving the analyst view tied to execution on cash flow and leverage. The further course of trading is shown by the continuously updated real-time quote of Cellnex stock.