OHB Holds Two Bullish Broker Targets Through a Post-Rally Pullback

OHB SE shares closed Friday at €222.00 after a 9.9% drop, a retreat that media reports linked to profit-taking following the stock's powerful run-up — an explanation that has not been confirmed. The slide came even as two brokers kept buy ratings on the German space and technology group, and as the company stacked up partnership agreements and a project milestone.

Jefferies reaffirmed its Buy rating and €280 price target on Thursday, with analyst Chloe Lemarie expecting the positive margin trends seen in the first half to carry through ahead of the quarterly update. She judged OHB on track to meet its annual targets. Berenberg had already kept its own Buy call and €358 target on Tuesday; analyst Michael Filatov read remarks by a Bundeswehr commander on Germany's military space program as backing his thesis.

A test stand cleared in Mainz

On the operational side, OHB reported on 22 October that the modular rocket-engine test stand built under the Eu-BEST project had passed final acceptance in Mainz. The EU backed the venture with €4.96 million, and OHB Digital Connect was responsible for the mechanical structures and developed a thrust-measurement system.

MediaMobil stake and Astroscale talks

Two partnership moves followed. OHB agreed a strategic partnership with MediaMobil Communication GmbH, under which it will take a 25% stake through a capital increase; the company said the tie-up is meant to strengthen its satellite-communications capabilities. On Wednesday, OHB and Astroscale Holdings Inc. signed a letter of intent to explore joint opportunities in space safety, space situational awareness and in-orbit services — an agreement that covers the examination of possible cooperation rather than any already-committed joint projects.

Ownership at OHB remains in the hands of the Fuchs family, which holds the majority. In the June capital increase, KKR appeared as the seller of existing shares; per the half-year report of 6 August, its stake was reduced to roughly 20%, with the proceeds coming from new investors.

November 12 in focus

The next scheduled event is the release of third-quarter 2026 figures on 12 November — the report to which Jefferies' Thursday endorsement, with its call for solid margins, is tied.