Deutsche Bank cuts target for ACS stock to EUR 129.00

Published on 10/12/2026 at 11:01 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

ACS earned EUR 510.00 million operationally in first-half 2026, up 30.00 percent. ACS stock costs EUR 91.68 on October 12, 2026, below EUR 141.20 high.

Key points in brief

Deutsche Bank cut its ACS price target from EUR 135.00 to EUR 129.00 on September 28, 2026, while retaining a Buy rating.
Operational net profit reached EUR 510.00 million in the first half of 2026, up 30.00 percent year over year.
ACS stock was at EUR 91.68 at Lang & Schwarz on October 12, 2026 at 10:52 a.m. CEST.
ACS is scheduled to publish nine-month 2026 results and hold a Capital Markets Day on November 12, 2026.

Makroaufnahme von Betonoberfläche mit sichtbarer Stahlbewehrung und Textur — Makroaufnahme von Beton zeigt Baustoff der ACS Actividades de Construcción y Servicios S.A. (ES0167050915), Illustration mit AI erstellt.

Deutsche Bank cut its ACS price target from EUR 135.00 to EUR 129.00 on September 28, 2026, while retaining a Buy rating, according to Bolsamania. ACS stock was at EUR 91.68 at Lang & Schwarz on October 12, 2026 at 10:52 a.m. CEST.

What does the target cut change?

The new EUR 129.00 target is EUR 6.00 below the former EUR 135.00 target, a 4.44 percent reduction calculated against the former target. Deutsche Bank nevertheless kept its Buy rating, leaving the bank's assessment constructive despite the lower valuation reference.

The target remains 28.77 percent above the Lang & Schwarz price of EUR 91.68, but that comparison uses the analyst target and the German euro quotation rather than a single exchange price. For investors, the key message is a lower valuation ceiling alongside an unchanged recommendation.

First-half figures support guidance

ACS reported operational net profit of EUR 510.00 million for the first half of 2026, up 30.00 percent from the prior-year period, according to Yahoo Finance. Sales rose 12.00 percent on an FX-adjusted basis to EUR 26.20 billion, while the order backlog reached EUR 105.90 billion, up 21.00 percent on a comparable basis.

The backlog figure matters because it provides a quantified counterweight to the target reduction. ACS also raised its 2026 operational net profit outlook to growth of 30.00 percent to 35.00 percent, equivalent to EUR 1.10 billion to EUR 1.15 billion, according to the same first-half management presentation.

Three dated milestones frame ACS

On February 18, 2026, Bank of America raised its ACS target from EUR 111.00 to EUR 113.00 while retaining a Buy rating, according to Bolsamania. On July 29, 2026, ACS presented first-half operational net profit of EUR 510.00 million, up 30.00 percent year over year, according to Yahoo Finance. On September 28, 2026, Deutsche Bank reduced its target from EUR 135.00 to EUR 129.00 while maintaining Buy, according to Bolsamania.

Dates set the next test

ACS is scheduled to publish its nine-month 2026 results and hold a Capital Markets Day on November 12, 2026, according to IT Boltwise. The event gives investors a dated opportunity to test whether the 30.00 percent to 35.00 percent operational net profit outlook remains consistent with the EUR 105.90 billion backlog.

ACS was at EUR 91.68 at Lang & Schwarz on October 12, 2026 at 10:52 a.m. CEST, while its 52-week range was EUR 69.50 to EUR 141.20 and market capitalization was EUR 24.3 billion as of October 12, 2026. The further course of trading is shown by the continuously updated real-time quote of ACS stock.