Jefferies upgrades Merlin Properties stock to Buy at EUR 16.00

Published on 10/15/2026 at 11:27 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Jefferies moved Merlin to Buy on October 14, 2026 at EUR 16. Merlin Properties stock costs EUR 11.59 on October 15, 2026, below target.

Analyst action and operating results

Jefferies upgraded Merlin Properties from Hold to Buy on October 14, 2026, with a EUR 16.00 target.
First-half 2026 operating profit reached EUR 180 million, while annual FFO guidance rose to EUR 340 million on July 28, 2026.
Merlin Properties stock was trading at EUR 11.59 at 11:17 a.m. CEST at Lang & Schwarz on October 15, 2026.

Merlin Properties, ES0105025003, Illustration mit AI erstellt.

Merlin Properties (ES0105025003) was trading at EUR 11.59 at Lang & Schwarz on October 15, 2026 at 11:17 a.m. CEST. Markets Insider reported that Jefferies upgraded the stock from Hold to Buy on October 14, 2026, while keeping its EUR 16.00 price target unchanged.

Operating profit reached EUR 180 million

The analyst action follows a stronger operating update from the first half of 2026. Iber Empresa reported on July 28, 2026, that operating profit reached EUR 180 million, an 8 percent year-over-year increase, while annual FFO guidance rose to EUR 340 million.

The data-center portfolio remains the main strategic angle in the latest coverage. Yahoo Finance reported on October 15, 2026, that Goldman Sachs assigned Merlin a Buy rating and a EUR 17.70 price target, describing the Spanish property group as a preferred data-center play.

What does the EUR 16 target imply?

At EUR 11.59, the Lang & Schwarz price stood EUR 4.41 below Jefferies' target, equal to 27.56 percent below the target. The comparison highlights the gap between the current quote and the analyst valuation, while also leaving the higher-for-longer interest-rate risk in view.

Three dated signals shape the picture

The recent chronology runs from Deutsche Bank's EUR 18.00 target on June 25, 2026, reported by Bolsamania, to first-half operating profit of EUR 180 million and EUR 340 million annual FFO guidance on July 28, 2026, reported by Iber Empresa. Jefferies' Buy upgrade with an unchanged EUR 16.00 target followed on October 14, 2026.

Merlin Properties is a Spanish commercial property company focused on offices, logistics facilities, shopping centers and data centers. Its primary listing is on BME under ticker MRL, and the company is a member of the IBEX-35.

Quote remains below analyst targets

For investors, the key tension is the distance between the market quote and the targets cited by Jefferies and Goldman Sachs, alongside the company's EUR 340 million annual FFO guidance. Merlin Properties was trading at EUR 11.59 at Lang & Schwarz on October 15, 2026 at 11:17 a.m. CEST. The further course of trading is shown by the continuously updated real-time quote of Merlin Properties stock.