Morgan Stanley cuts Veolia target to EUR 35: Veolia stock sits 9.20 percent below target

Published on 10/23/2026 at 10:31 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

First-half revenue reached EUR 22.19 billion, up 1.50 percent at constant scope. Veolia stock costs EUR 31.78 on October 23, 2026 versus EUR 31.82.

Target cut and upcoming results

Morgan Stanley cut its Veolia target from EUR 38 to EUR 35 on October 7, 2026.
First-half 2026 revenue reached EUR 22.19 billion, while EBITDA came to EUR 3.55 billion.
Veolia stock trades at EUR 31.78 at 10:16 a.m. CEST at Lang & Schwarz on October 23, 2026, 0.13 percent below the Xetra close of October 22, 2026.
Veolia is scheduled to present nine-month 2026 key figures on November 5, 2026.

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Veolia stock (ISIN FR0000124141) trades under an analyst target of EUR 35 after Morgan Stanley cut its target from EUR 38. On October 7, 2026, Yahoo Finance reported that Morgan Stanley kept an Equal-weight rating and reduced the target. The stock was trading at EUR 31.78 at Lang & Schwarz on October 23, 2026 at 10:16 a.m. CEST.

What does the target cut mean?

The revised target sits EUR 3.22 above the Lang & Schwarz price, or 9.20 percent above it. Morgan Stanley cited limited earnings momentum, while describing Veolia as the least vulnerable French utility to political developments in the cited October 7 report.

That caution contrasts with Veolia's operating update. In its July 30, 2026 earnings call, Yahoo Finance reported first-half revenue of EUR 22.193 billion, up 1.50 percent at constant scope and foreign exchange. EBITDA reached EUR 3.552 billion, up 5.00 percent at constant scope and foreign exchange, while current net income increased 10.40 percent.

Three dated catalysts shape the case

On July 30, 2026, Veolia reported EUR 22.193 billion in first-half revenue and EUR 3.552 billion in EBITDA through its earnings call. On September 30, 2026, Veolia announced a EUR 1.00 billion, 25-year drinking-water services contract covering eight municipalities in the Barcelona area. On October 7, 2026, Yahoo Finance reported the Morgan Stanley target reduction from EUR 38 to EUR 35.

Next reporting date is November 5

Veolia's finance calendar lists November 5, 2026 as the date for its nine-month 2026 key figures. The release will show whether the first-half growth profile remains consistent with the company's 2026 outlook for organic EBITDA growth of 5.00 percent to 6.00 percent and current net income growth of at least 8.00 percent.

Price stays below the revised target

The immediate market signal is modest: EUR 31.78 is EUR 0.04 below the Xetra close of October 22, 2026, equal to minus 0.13 percent. The 52-week range is EUR 27.43 to EUR 37.66, leaving the quote above its low and below its high.

Veolia was trading at EUR 31.78 at Lang & Schwarz on October 23, 2026 at 10:16 a.m. CEST, minus 0.13 percent versus the Xetra close of October 22, 2026 at EUR 31.82. The further course of trading is shown by the continuously updated real-time quote of Veolia stock.