Bernstein cuts Telekom target to EUR 28.10: Telekom stock sits 23.26 percent below high

Published on 10/02/2026 at 12:19 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Telekom stock was EUR 26.37 on October 2, 2026, versus EUR 26.09. Second-quarter organic revenue rose 3.30 percent to EUR 29.90 billion.

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Telekom (ISIN DE0005557508) was trading at EUR 26.37 at Lang & Schwarz on October 2, 2026 at 12:10 p.m. CEST, plus 1.07 percent versus the prior close of EUR 26.09, and stood 23.26 percent below its 52-week high of EUR 34.36. As Sharedeals reported on October 1, 2026, Bernstein cut its target from EUR 37.00 to EUR 28.10 and assigned Market-Perform.

Bernstein target exposes valuation split

The new target is only EUR 1.73 above the Lang & Schwarz price, a gap of 6.56 percent calculated against the stock price. The broader target range is much wider: the same Sharedeals report says StockAnalysis lists an average target of EUR 36.44 from 18 analysts, with targets ranging from EUR 28.10 to EUR 43.00.

That spread puts the focus on execution rather than on a single valuation signal. Bernstein cited uncertainty around T-Mobile US and rising competition in German broadband as factors behind its more cautious view, while the average target implies a materially different assessment of future cash generation.

Quarterly growth offsets target cut

Operational figures from the second quarter of 2026 provide a counterweight. According to Sharedeals, organic revenue increased 3.30 percent to EUR 29.90 billion, adjusted EBITDA AL rose 7.30 percent to EUR 11.80 billion, and adjusted group net income grew 11.10 percent to EUR 2.80 billion.

The next company milestones are close. Deutsche Telekom's investor relations calendar schedules an AI Investor Day for October 5, 2026, followed by third-quarter results on November 5, 2026. The dates give the market two concrete tests for whether artificial-intelligence plans and operating growth can narrow the valuation disagreement.

Telekom stock stays below its high

Deutsche Telekom had a market capitalization of EUR 127.6 billion as of October 2, 2026. Its 52-week range was EUR 23.53 to EUR 34.36, leaving the Lang & Schwarz price closer to the upper end of the range than the lower end while the current session showed a plus 1.07 percent move versus the EUR 26.09 prior close. The further course of trading is shown by the continuously updated real-time quote of Telekom stock.