Zalando stock faces a Neutral call with a EUR 32 target

Published on 10/04/2026 at 11:26 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Zalando stock faces a EUR 32 JPMorgan target dated October 1, 2026, while Q2 revenue reached EUR 3.42 billion. Adjusted EBIT rose 10 percent year over year.

Aquarell Berliner Skyline mit Fernsehturm und Spree, Pastellfarben in Blau und Rosa — Zalando SE (DE000ZAL1111) – Berliner Skyline mit Fernsehturm und Spree in weichen Aquarell-Pastelltönen gemalt, Illustration mit AI erstellt.

Zalando stock (ISIN DE000ZAL1111) was last at EUR 22.27 on Xetra on October 2, 2026 at 5:35 p.m. CEST, up 0.23 percent from the prior close. The immediate catalyst is JPMorgan's Neutral rating with a EUR 32 price target, while the bank expects third-quarter EBIT of EUR 101 million ahead of the November 3 report, according to finanzen.net on October 1, 2026.

JPMorgan flags the next test

The EUR 32 target stands 43.7 percent above the Xetra price of EUR 22.27. JPMorgan analyst Georgina Johanan kept the Neutral view and identified agentic artificial intelligence risk as a continuing issue for the fashion platform, according to finanzen.net.

The rating sits between the company's operating growth and its margin pressure. The next report will show whether the second-quarter pattern is carrying into the crucial autumn period.

Revenue grows while margins narrow

For Q2 2026, Zalando reported revenue of EUR 3.42 billion, up 20.8 percent year over year, while adjusted EBIT increased 10 percent to EUR 205 million, according to Yahoo Finance in the Q2 2026 earnings call transcript.

On a pro forma basis, group revenue grew 1.1 percent in the quarter, highlighting the effect of consolidating ABOUT YOU. B2B revenue reached EUR 335 million, up 27.6 percent year over year, and B2B adjusted EBIT rose to EUR 41 million from EUR 11 million, according to Yahoo Finance.

The trade-off is visible in the group adjusted EBIT margin, which declined to 6 percent from 6.5 percent a year earlier. Management narrowed 2026 adjusted EBIT guidance to EUR 680 million to EUR 720 million while placing GMV and revenue growth in the lower half of the former 12 percent to 17 percent range, according to Yahoo Finance.

Stock stays below its yearly high

Zalando's Xetra price of EUR 22.27 on October 2, 2026 stood 26.8 percent below the 52-week high of EUR 30.43 and above the 52-week low of EUR 18.61. The session volume was 1,035,271 shares, and market capitalization was EUR 5.4 billion.

For investors, the next checkpoint is the balance between fast reported revenue growth and the lower adjusted EBIT margin. The November 3 reporting date places that margin question ahead of the company's full-year guidance range.