Jefferies upgrades Hensoldt stock to Buy after pullback

Published on 10/06/2026 at 11:41 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Jefferies kept its EUR 98.00 target on October 5, 2026. Hensoldt stock costs EUR 80.57 on October 6, 2026 after EUR 84.14, down 4.24 percent.

Isometrische 3D-Grafik der Hensoldt AG Lieferkette von Produktion bis Auslieferung — Hensoldt AG Wertschöpfungskette von der Produktion bis zur Lieferung isometrisch dargestellt, ISIN DE000HAG0005, Illustration mit AI erstellt.

Hensoldt stock (ISIN DE000HAG0005) was at EUR 80.57 at Lang & Schwarz on October 6, 2026 at 11:35 a.m. CEST, down 4.24 percent from the prior close of EUR 84.14. The latest catalyst is a Jefferies upgrade from Hold to Buy, published on October 5, 2026, with the EUR 98.00 price target left unchanged.

Jefferies changes the rating

According to Deutsche Boerse on October 5, 2026, Jefferies analyst Ben Brown raised the rating from Hold to Buy and retained the EUR 98.00 target. The note said Hensoldt was already performing above the levels implied by its 2026 forecast, giving the upgrade a specific operational basis rather than relying only on sector sentiment.

The target is EUR 17.43 above the Lang & Schwarz price, but the market reaction on October 6, 2026 was negative. That contrast puts execution at the center of the story: the valuation case depends on converting Hensoldt's order book into revenue and cash flow.

Half-year growth gets concrete

Hensoldt's first-half 2026 figures show why the analyst view has strengthened. Janes reported order intake of EUR 2.80 billion, versus EUR 1.40 billion in the first half of 2025, while revenue reached EUR 1.20 billion from EUR 944.00 million.

The same H1 2026 comparison showed adjusted EBITDA of EUR 137.00 million, up from EUR 107.00 million, and an order backlog of EUR 10.40 billion versus EUR 7.10 billion. Separately, Boerse Express reported second-quarter 2026 revenue of EUR 671.00 million, up 22.22 percent from EUR 549.00 million a year earlier.

Valuation meets the next report

The counterweight is valuation. Investing.com reported on October 6, 2026 that Goldman Sachs began coverage with a Neutral rating and an EUR 85.00 target. Goldman cited strong growth visibility but said the valuation already reflected much of the expected earnings expansion.

Hensoldt's next scheduled checkpoint is the nine-month 2026 quarterly statement on November 5, 2026, according to the Hensoldt investor-relations calendar. The report will show whether the strong first-half order intake is translating into the revenue and margin trajectory behind the EUR 98.00 Jefferies target.

EUR 98.00 target versus EUR 80.57

At Lang & Schwarz, Hensoldt was trading at EUR 80.57 on October 6, 2026 at 11:35 a.m. CEST, down 4.24 percent versus the Lang & Schwarz prior close of EUR 84.14 on October 5, 2026. The further course of trading is shown by the continuously updated real-time quote of Hensoldt stock.