Hensoldt's Broker Scorecard Splits Down the Middle as Long-Range Targets Take Shape
Published on 11/12/2026 at 12:10 | Editorial boerse-global.de
Four brokerage notes landed on Hensoldt this week, and they point in two directions at once. Deutsche Bank and Jefferies trimmed their price targets while keeping buy ratings intact; Stifel and JPMorgan went the other way, lifting their marks to a shared €105. The common thread running through all four: none of them walked away from the stock.
Deutsche Bank Research cut its target to €100 from €105 on Wednesday, holding its "Buy" rating. Jefferies had moved a day earlier, shaving its objective to €96 from €98 while also staying at "Buy." On the opposite side of the ledger, Stifel raised its target to €105 from €90 on Wednesday and reaffirmed "Buy," while JPMorgan set the same €105 figure, up from €100, and upgraded Hensoldt from "Neutral" to "Overweight."
The split-screen verdicts followed Hensoldt's capital markets day on Tuesday, where the defence electronics group laid out its growth ambitions. The company confirmed a €6 billion revenue target for 2030 and, for the first time, put a €10 billion sales ambition on the table for 2035. Management also guided for annual revenue growth of 15–20% in 2027 and 2028, with the adjusted EBITDA margin expected to reach around 21% by 2030.
Should investors sell immediately? Or is it worth buying Hensoldt?
Those long-range numbers build on a 2026 outlook that Hensoldt firmed up about a week ago alongside its nine-month results. Full-year revenue is now expected at around €2.8 billion, with an adjusted EBITDA margin of roughly 19.0%.
The nine-month figures themselves showed the order book running well ahead of current turnover. Hensoldt booked incoming orders of €3.56 billion in the first nine months of fiscal 2026 against revenue of €1.86 billion, lifting its order backlog to €10.4 billion. Adjusted EBITDA for the period came in at €281 million.
Sentiment around the shares has been soft even as the analysts sharpen their pencils. The stock slipped 1.6% on Wednesday and was down 3.4% on Thursday.
Separately, Hensoldt and Dronamics reported on Tuesday that they had demonstrated an unmanned early-warning system in Bulgaria. The platform was Dronamics' Black Swan drone, with Hensoldt supplying the sensor package.
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