Berenberg Crowns OHB Top Pick as Dual Upgrades Send Shares Up 5.9%

Berenberg names OHB its top pick in space and defense; Deutsche Bank lifts price target to EUR 300 after EUR 1 billion IRIS² satellite contract.

Two bullish research notes landed on OHB SE on Friday, and the Bremen-based space and technology group's stock responded with a 5.9% advance to close at EUR 180.00. Berenberg and Deutsche Bank Research both reaffirmed their buy ratings, giving the satellite manufacturer fresh momentum after a late-summer consolidation phase.

Deutsche Bank Research lifted its price target to EUR 300 from EUR 275, while Berenberg kept its "Buy" rating intact and set a fair value of EUR 358 per share. Berenberg went a step further, naming OHB its "Top Pick" across the entire space and defense sector, arguing that the company stands to benefit disproportionately from rising government spending on strategic autonomy programs.

Order Book Backs the Bull Case

The upgraded targets rest on more than sentiment. At the end of August, OHB signed an agreement with satellite operator SES to develop and build 18 MEO satellite platforms for IRIS², Europe's flagship satellite network. The contract carries a volume of roughly EUR 1 billion and locks in high capacity utilization at the company's manufacturing operations for years to come.

Days earlier, the launch of the MTG-Imager 2 weather satellite aboard an Ariane 6 rocket proceeded without a hitch — another milestone that reinforces OHB's standing as a systems provider with institutional and European clients.

Guidance Holds Firm

Management has kept its outlook for the current fiscal year unchanged, targeting total output of approximately EUR 1,400 million and an adjusted EBITDA margin between 10.5% and 11.0%. For a technology-intensive systems house, those are solid benchmarks that give the recent share price advance a dependable valuation framework.

The ownership structure remains settled: the founding Fuchs family continues to hold the majority of shares, with financial investor KKR on board as a minority shareholder — a setup that pairs entrepreneurial continuity with international capital markets expertise.

A Revaluation With Room to Run

Since the start of the year, OHB stock has gained 54%, yet fundamentals have kept pace with that climb. Deep involvement in European flagship projects such as IRIS², combined with the company's growing relevance to security policy, provides multi-year visibility.

The combination of major contract wins in the European space sector and the raised price targets has injected noticeable confidence among investors heading into the new trading week. For those betting on the expansion of Europe's space capabilities, the latest rally may mark the beginning of a longer-term revaluation rather than a fleeting spike.