JPMorgan keeps Buy rating for Deutsche Telekom stock at EUR 38

Published on 10/23/2026 at 11:04 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

JPMorgan kept the EUR 38.00 target on October 21, 2026. Deutsche Telekom stock costs EUR 25.41 on October 23, 2026, 2.94 percent below the Xetra close.

Ratings and results dates

JPMorgan kept its EUR 38.00 target on October 21, 2026.
Second-quarter revenue reached EUR 30.6 billion, up 4.30 percent year over year.
Deutsche Telekom stock trades at EUR 25.41 at 11:01 a.m. CEST at Lang & Schwarz on October 23, 2026, 2.94 percent below the Xetra close of October 22, 2026.
Deutsche Telekom will publish third-quarter results on November 5, 2026.

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Deutsche Telekom (ISIN DE0005557508) was trading at EUR 25.41 at Lang & Schwarz on October 23, 2026, at 11:01 a.m. CEST, 2.94 percent below the Xetra close of October 22, 2026 at EUR 26.18. MarketScreener reported on October 21, 2026, that JPMorgan kept its Buy rating and EUR 38.00 target for the stock.

The target remains EUR 38.00

The JPMorgan view leaves a wide gap between the target and the German quote. The EUR 38.00 target lies 49.55 percent above the EUR 25.41 Lang & Schwarz price, using the target and price in the same currency.

A second analyst signal came on October 19, 2026. According to wallstreetONLINE, Deutsche Bank Research kept a Buy rating and a EUR 40.00 target, while identifying agent-based artificial intelligence and Starlink competition as risks to the US mobile business.

Three dated signals since October 19

On October 19, 2026, Deutsche Bank Research cited the EUR 40.00 target. On October 21, 2026, JPMorgan maintained its EUR 38.00 target. On October 23, 2026, the Lang & Schwarz quote stood at EUR 25.41, down 2.94 percent versus the Xetra close.

What does the latest quarter show?

Simply Wall St reported that Deutsche Telekom generated EUR 30.6 billion of revenue in the second quarter of 2026, up 4.30 percent from the second quarter of 2025. Net income declined 6.30 percent to EUR 2.45 billion, and the profit margin fell to 8.00 percent from 8.90 percent as expenses increased. The mixed result helps explain why the rating support has not translated into a higher current quote.

Next results arrive November 5

Deutsche Telekom has scheduled its third-quarter 2026 financial results for November 5, 2026. The company also lists fourth-quarter and full-year 2026 results for February 25, 2027. Those dates give investors the next checkpoints for revenue growth, margins and cash generation.

Stock trades below Xetra close

The current move puts the stock below the previous Xetra session while the analyst targets remain materially higher. The key near-term test is whether the November results provide evidence that growth can offset the margin pressure reported for the second quarter. Deutsche Telekom stock was trading at EUR 25.41 at Lang & Schwarz on October 23, 2026, at 11:01 a.m. CEST, 2.94 percent below the Xetra close of October 22, 2026 at EUR 26.18. The further course of trading is shown by the continuously updated real-time quote of Telekom stock.