Hensoldt's Broker Scorecard Splits Down the Middle as Long-Range Targets Take Shape

Four brokerage notes landed on Hensoldt this week, and they point in two directions at once. Deutsche Bank and Jefferies trimmed their price targets while keeping buy ratings intact; Stifel and JPMorgan went the other way, lifting their marks to a shared €105. The common thread running through all four: none of them walked away from the stock.

Deutsche Bank Research cut its target to €100 from €105 on Wednesday, holding its "Buy" rating. Jefferies had moved a day earlier, shaving its objective to €96 from €98 while also staying at "Buy." On the opposite side of the ledger, Stifel raised its target to €105 from €90 on Wednesday and reaffirmed "Buy," while JPMorgan set the same €105 figure, up from €100, and upgraded Hensoldt from "Neutral" to "Overweight."

The split-screen verdicts followed Hensoldt's capital markets day on Tuesday, where the defence electronics group laid out its growth ambitions. The company confirmed a €6 billion revenue target for 2030 and, for the first time, put a €10 billion sales ambition on the table for 2035. Management also guided for annual revenue growth of 15–20% in 2027 and 2028, with the adjusted EBITDA margin expected to reach around 21% by 2030.

Those long-range numbers build on a 2026 outlook that Hensoldt firmed up about a week ago alongside its nine-month results. Full-year revenue is now expected at around €2.8 billion, with an adjusted EBITDA margin of roughly 19.0%.

The nine-month figures themselves showed the order book running well ahead of current turnover. Hensoldt booked incoming orders of €3.56 billion in the first nine months of fiscal 2026 against revenue of €1.86 billion, lifting its order backlog to €10.4 billion. Adjusted EBITDA for the period came in at €281 million.

Sentiment around the shares has been soft even as the analysts sharpen their pencils. The stock slipped 1.6% on Wednesday and was down 3.4% on Thursday.

Separately, Hensoldt and Dronamics reported on Tuesday that they had demonstrated an unmanned early-warning system in Bulgaria. The platform was Dronamics' Black Swan drone, with Hensoldt supplying the sensor package.