JPMorgan keeps Zalando stock at Neutral with EUR 32 target

Published on 10/05/2026 at 15:32 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Zalando stock reported 22.2 percent H1 revenue growth and EUR 270 million adjusted EBIT in 2026. JPMorgan set a EUR 32 target on October 1.

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Zalando stock was trading at EUR 22.17 on Xetra on October 5, 2026, at 3:06 p.m. CEST, down 0.45 percent from the previous close. The latest analyst signal came from JPMorgan on October 1, when the bank kept its Neutral rating and a EUR 32 price target, according to FinanzNachrichten.

JPMorgan sees EUR 101 million EBIT

JPMorgan analyst Georgina Johanan expects Zalando to report third-quarter operating profit of EUR 101 million and highlighted continuing risk from agentic artificial intelligence, FinanzNachrichten reported on October 1, 2026. The company is scheduled to publish its third-quarter results on November 3, 2026, according to the same report.

The target leaves a wide gap to the Xetra price. The EUR 32 target lies 44.3 percent above EUR 22.17, while the consensus average of EUR 35.07 cited by Capital.com lies 58.2 percent above the same price.

H1 growth meets tighter guidance

Zalando reported 22.2 percent group revenue growth in the first half of 2026, while adjusted EBIT increased 16 percent year over year to EUR 270 million and the adjusted EBIT margin reached 4.2 percent, according to the company earnings call transcript published by Yahoo Finance.

The H1 update also showed a split between scale and profitability. Reported GMV grew 21 percent, but management refined full-year GMV and revenue growth to the lower half of the previous 12 percent to 17 percent range. Adjusted EBIT guidance was narrowed to EUR 680 million to EUR 720 million, with management citing logistics efficiencies, ABOUT YOU synergies and disciplined inventory buying.

B2B growth offsets consumer pressure

The B2B business provided the strongest operating contrast in Q2 2026. B2B revenue rose 27.6 percent on a reported basis to EUR 335 million, while B2B adjusted EBIT increased from EUR 11 million to EUR 41 million, according to Yahoo Finance. Softer sneaker demand and a 0.5 percentage point decline in the group adjusted EBIT margin to 6 percent remain the main counterweights.

Stock trades below yearly high

Zalando stock was trading at EUR 22.17 on Xetra on October 5, 2026, with a 52-week range of EUR 18.61 to EUR 30.43, volume of 98,628 shares and market capitalization of EUR 5.4 billion. The price was 27.2 percent below the 52-week high, leaving the November 3 results date as the next quantified checkpoint.