Morgan Stanley cuts target for Veolia stock from EUR 38.00 to EUR 35.00

Published on 10/16/2026 at 10:32 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Veolia revenue reached EUR 22.19 billion in first-half 2026. Veolia stock costs EUR 32.52 on October 16, 2026, 0.43 percent above Xetra close.

Analyst view and operating results

Morgan Stanley cut its Veolia target from EUR 38.00 to EUR 35.00 on October 7, 2026.
Veolia reported EUR 22.19 billion in revenue for the first half of 2026.
Veolia stock trades at EUR 32.52 at 10:30 a.m. CEST at Lang & Schwarz on October 16, 2026, 0.43 percent above the Xetra close of October 15, 2026.

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Veolia stock was at EUR 32.52 at Lang & Schwarz on October 16, 2026 at 10:30 a.m. CEST, while Morgan Stanley cut its target from EUR 38.00 to EUR 35.00 on October 7, 2026, according to Investing.com. The 0.43 percent premium to the October 15, 2026 Xetra close keeps the daily move below the threshold for a directional headline.

Operating results set the baseline

Veolia reported EUR 22.19 billion of revenue for the first half of 2026, while adjusted EBITDA reached EUR 3.55 billion and net income stood at EUR 682.00 million, according to Cafe de la Bourse. Organic EBITDA growth was 5.00 percent and the EBITDA margin was 16.00 percent, up 70 basis points from the prior-year period.

The comparison points to a profitability-led result: revenue growth was 0.80 percent at constant scope and exchange rates, while current net income growth reached 10.40 percent at constant exchange rates. Veolia also maintained its 2026 organic EBITDA growth target of 5.00 percent to 6.00 percent and raised its current net income growth target to at least 8.00 percent, the same report said.

Three dated moves shape the case

On July 30, 2026, Veolia published first-half results with EUR 22.19 billion of revenue. On September 30, 2026, the company announced a EUR 1.00 billion, 25-year drinking-water contract in Spain, according to Veolia. On October 7, 2026, Morgan Stanley cut its target from EUR 38.00 to EUR 35.00.

What does the target cut change?

Morgan Stanley kept an Equal-weight rating and cited limited earnings momentum, placing its EUR 35.00 target 7.64 percent above the Lang & Schwarz price of EUR 32.52. The target revision gives investors a measurable counterpoint to the operating improvement, particularly as Veolia integrates its hazardous-waste expansion.

Next reporting date

Veolia's next dated company event is the presentation of its nine-month 2026 key figures on November 5, 2026 at 8:30 a.m., according to the company's finance page.

Stock holds above the close

Veolia stock was trading at EUR 32.52 at Lang & Schwarz on October 16, 2026 at 10:30 a.m. CEST, 0.43 percent above the Xetra close of October 15, 2026 at EUR 32.38. The quote sits inside the EUR 27.85 to EUR 37.66 52-week range, while market capitalization was EUR 23.8 billion on October 16, 2026.

The further course of trading is shown by the continuously updated real-time quote of Veolia stock.