UBS raises Befesa target to EUR 50: Befesa stock falls 2.99 percent

Published on 10/20/2026 at 11:20 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Third-quarter results are scheduled for October 29, 2026. Befesa stock costs EUR 32.50 on October 20, 2026, 2.99 percent below EUR 33.50.

Analyst revision and operating outlook

UBS raised its Befesa target to EUR 50.00 in its October 12, 2026 study.
Adjusted EBITDA reached EUR 124 million in the first half of 2026, up 11.00 percent year over year.
Befesa stock trades at EUR 32.50 at 11:10 a.m. CEST at Lang & Schwarz on October 20, 2026, 2.99 percent below the Xetra close of October 19, 2026.

Bauhaus-Geometrieposter mit Großbuchstaben RECYCLING und Metallverarbeitungssymbolen in Primärfarben — Befesa S.A. im Bauhaus-Stil mit dem Sektor-Begriff RECYCLING als zentralem Bildelement, LU1704650164, Illustration mit AI erstellt.

Befesa (ISIN LU1704650164) was trading at EUR 32.50 at Lang & Schwarz on October 20, 2026 at 11:10 a.m. CEST, down 2.99 percent versus the Xetra close of October 19, 2026 at EUR 33.50. UBS raised its price target from EUR 47.00 to EUR 50.00 in a study dated October 12, 2026, as reported by MarketScreener.

Why the target moved higher

UBS kept its Buy rating and expected steel-dust throughput to rise 1.00 percent from the second quarter in the third quarter, while anticipating confirmation of Befesa's full-year outlook. The target increase contrasts with Jefferies, which cut its target from EUR 45.00 to EUR 44.00 on October 12, 2026, according to MarketScreener.

What does the operating outlook show?

Befesa reported adjusted EBITDA of EUR 124 million in the first half of 2026, up 11.00 percent from the same period of 2025. Its second-quarter EBITDA margin reached 22.00 percent versus 19.00 percent a year earlier, while management confirmed full-year EBITDA guidance of EUR 250 million to EUR 270 million, according to the Yahoo Finance transcript dated July 29, 2026.

Three dated Befesa developments

On July 29, 2026, Befesa reported first-half adjusted EBITDA of EUR 124 million. On September 29, 2026, EQS News reported that S&P Global Ratings upgraded Befesa from BB to BB+. On October 12, 2026, UBS lifted its target to EUR 50.00 while Jefferies reduced its target to EUR 44.00.

What date comes next?

The next substantiated event is Befesa's third-quarter 2026 statement and conference call on October 29, 2026, listed in the company's investor-relations calendar and by MarketScreener.

Stock reaction before the results

The euro quote places Befesa EUR 17.50 below the UBS target and EUR 11.50 below the Jefferies target. The immediate market signal is weaker: the stock was trading at EUR 32.50 at Lang & Schwarz on October 20, 2026 at 11:10 a.m. CEST, 2.99 percent below the Xetra close of October 19, 2026 at EUR 33.50. The further course of trading is shown by the continuously updated real-time quote of Befesa stock.