Jefferies analyst Thomas Mills upgraded the rating on Deutsche Boerse to a Buy yesterday, setting a price target of €270.00.
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Thomas Mills has given his Buy rating due to a combination of factors, including Deutsche Boerse’s attractive valuation and solid earnings momentum. He highlights that the stock still trades well below prior peaks and at a wider-than-normal discount to CME, implying meaningful upside if the historical valuation gap narrows, while recent results in the key SaaS-driven IMS segment and the SimCorp One win with AllianceBernstein support the growth outlook.
He also emphasizes that Deutsche Boerse should benefit from heightened market volatility, with strong gas and derivatives activity at EEX and an expected pickup at Eurex providing volume upside, while Securities Services balances are recovering. In addition, Mills views the business as relatively resilient to AI disruption, with only a limited portion of revenues at risk and scenario analysis still pointing to substantial equity value even under more adverse assumptions, underpinning his €270 price target and Buy stance.
0H3T’s price has also changed slightly for the past six months – from EUR244.200 to EUR233.300, which is a -4.46% drop .