Deutsche Telekom Analysts Converge on EUR 33 as Buyback Disappointment Weighs on the Stock
Published on 11/11/2026 at 16:50 | Editorial boerse-global.de
Two brokerage houses have arrived at the same EUR 33 price target for Deutsche Telekom from opposite directions, a coincidence of valuation that says as much about the range of analyst opinion on the stock as it does about the shares themselves.
Barclays raised its target to EUR 33 from EUR 32 while reaffirming an "Overweight" rating, keeping a positive view of the equity attached to the higher mark. DZ Bank, by contrast, cut its fair value to EUR 33 from EUR 35 on 5 November, holding its "Buy" recommendation. One house lifted its number, the other trimmed it, and both landed on the same figure.
The spread across the analyst community is wider still. Two further research houses confirmed their assessments on 5 November with markedly different targets: one buy recommendation carrying a EUR 40 price target stood alongside a neutral rating with a target of EUR 28.10.
Goldman Sachs, meanwhile, lowered its target to EUR 36 from EUR 38 on Friday, according to media reports, leaving its buy recommendation unchanged. The reduction came after the group had raised its guidance roughly a week earlier.
Should investors sell immediately? Or is it worth buying Deutsche Telekom?
Buyback Size Takes the Sting Out of Raised Guidance
Deutsche Telekom's quarterly update, published about a week ago, paired higher full-year forecasts with a capital returns plan that failed to impress. For 2026 the group expects adjusted EBITDA AL of around EUR 47.6 billion, with free cash flow AL guided to roughly EUR 20.1 billion.
The third quarter of 2026 delivered revenue of EUR 31.1 billion, an organic increase of 5.5%. Adjusted EBITDA AL reached EUR 12.2 billion, up 8.0% organically, while adjusted net profit attributable to shareholders climbed 12.7% to EUR 3.0 billion.
Shareholders were offered a dividend of EUR 1.10 per share for the 2026 financial year. The buyback announcement — up to EUR 2 billion for 2027 — was the element that drew scrutiny. dpa-AFX attributed the muted share-price reaction chiefly to disappointment over that volume, and pointed to a second drag: pressure on T-Mobile US from SpaceX's entry into mobile spectrum.
Deutsche Telekom at a turning point? This analysis reveals what investors need to know now.
AI Computing Deal Adds a Longer-Term Angle
Away from the quarterly numbers, T-Systems and Sparxity signed a letter of intent on 3 November to cooperate on energy-efficient AI computing technology. Under the companies' statements, the hardware is to be integrated into Deutsche Telekom data centres, with the next generation of Sparxity chips slated for rollout in 2028.
The shares traded 0.2% higher on the day at EUR 26.09 — comfortably below every target set by the covering analysts, including the EUR 33 marks from Barclays and DZ Bank.
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