KPN stock gains 2.58 percent after JPMorgan upgrade

KPN stock (ISIN NL0000009082) was trading at EUR 4.06 on Euronext Amsterdam on September 25, 2026 at 11:10 a.m. CEST, up 2.58 percent from EUR 3.96. The move followed Investing.com reporting on September 25, 2026 that JPMorgan upgraded KPN from Neutral to Overweight and lifted its price target from EUR 4.70 to EUR 5.10.

JPMorgan sees faster service growth

JPMorgan expects KPN service revenue to grow 1.6 percent year over year in 2026, while management's second-half target is 2.0 percent to 2.5 percent, according to Investing.com. The same report cites expected consumer mobile growth of 4.4 percent and small and medium enterprise growth of 7 percent in the second half of 2026.

The target change gives the analyst view a concrete market benchmark. EUR 5.10 stands 25.62 percent above the EUR 4.06 intraday price, while the stock remains EUR 0.85 below its 52-week high of EUR 4.91.

Q2 revenue slipped while cash flow held up

KPN's Q2 2026 adjusted revenue was EUR 1.464 billion, down 0.5 percent year over year, while adjusted EBITDA after leases reached EUR 668 million, down 0.3 percent, according to Stocksentinel. Net profit was EUR 207 million, a 1.0 percent decline from the comparable period.

The results also show a split across operations: consumer service revenue grew 1.9 percent and small and medium enterprise revenue rose 6.9 percent in Q2 2026, while business service revenue declined 1.1 percent. That mix explains why the upgraded outlook depends on mobile and smaller business customers offsetting pressure in enterprise offerings.

KPN stock trades below its yearly high

KPN's market capitalization was EUR 15.565 billion on September 25, 2026, with volume at 2,893,289 shares. The 52-week range was EUR 3.75 to EUR 4.91, placing the intraday price 17.31 percent below the upper end and 8.27 percent above the lower end.

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