Jefferies cuts Befesa target to EUR 44: Befesa stock falls 3.25 percent

Published on 10/13/2026 at 10:24 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Adjusted EBITDA rose 11.00 percent to EUR 124.00 million in first half of 2026. Befesa stock costs EUR 34.83 versus EUR 36.00 on October 13, 2026.

Jefferies cut its Befesa price target from EUR 45.00 to EUR 44.00 while retaining a Buy rating on October 12, 2026.
Befesa stock was trading at EUR 34.83 at Lang & Schwarz on October 13, 2026, down 3.25 percent versus the Xetra close of EUR 36.00 on October 12, 2026.
Adjusted EBITDA reached EUR 124.00 million in the first half of 2026, up 11.00 percent year over year.
Befesa is scheduled to publish its third-quarter 2026 statement on October 29, 2026.

Architekturrender eines modernen Metallrecycling-Komplexes mit Solaranlage bei Abenddämmerung — Befesa S.A. plant moderne Recyclinganlagen mit Solarstrom und nachhaltiger Metalltechnik, ISIN LU1704650164, Illustration mit AI erstellt.

Befesa (ISIN LU1704650164) was trading at EUR 34.83 at Lang & Schwarz on October 13, 2026 at 10:14 a.m. CEST, down 3.25 percent versus the Xetra close of EUR 36.00 on October 12, 2026. According to finanzen.ch, Jefferies cut its Befesa price target from EUR 45.00 to EUR 44.00 in a study dated October 12, 2026, while retaining a Buy rating.

Operating figures set the context

A report by Aktiencheck dated October 5, 2026 said adjusted EBITDA rose 11.00 percent to EUR 124.00 million in the first half of 2026. The same report put second-quarter adjusted EBITDA growth at 17.00 percent and the margin at 21.70 percent, while management guidance was described as EUR 250.00 million to EUR 270.00 million of EBITDA for fiscal year 2026.

The balance-sheet signal arrived earlier. EQS News reported on September 29, 2026 that S&P Global Ratings upgraded Befesa's issuer rating from BB to BB+ with a stable outlook. The company said the upgrade also covered its EUR 650.00 million term loan and EUR 100.00 million revolving credit facility.

Three dated signals for the stock

On July 29, 2026, Befesa reported second-quarter 2026 adjusted EBITDA of EUR 66.00 million, up 17.00 percent year over year, according to EQS News. On September 29, 2026, the same company announcement recorded the BB to BB+ rating upgrade. On October 12, 2026, Jefferies reduced its target from EUR 45.00 to EUR 44.00, keeping the Buy rating, according to finanzen.ch.

What does the target cut change?

The revised EUR 44.00 target lies 26.33 percent above the Lang & Schwarz price of EUR 34.83. That calculation leaves the target materially above the market quote, but the lower target also reflects Jefferies' expectation of a weaker third quarter and pressure on 2026 consensus forecasts.

Next report arrives October 29

EQS News lists October 29, 2026 as the date for Befesa's third-quarter 2026 statement and conference call. The release will test whether the first-half adjusted EBITDA increase can continue into the next reporting period.

Stock trades below October 12 close

The Lang & Schwarz quote was EUR 34.83 on October 13, 2026 at 10:14 a.m. CEST, down 3.25 percent versus the Xetra close of EUR 36.00 on October 12, 2026. Befesa's market capitalization was EUR 1.4 billion, while its 52-week range was EUR 26.60 to EUR 38.10 as of October 13, 2026. The further course of trading is shown by the continuously updated real-time quote of Befesa stock.