Hold Rating Maintained as Overly Optimistic Consensus and Premium Valuation Offset 2027 Profit Guidance

Analyst Martin Comtesse of Jefferies maintained a Hold rating on flatexDEGIRO AG, retaining the price target of €32.00.

Martin Comtesse has given his Hold rating due to a combination of factors related to guidance, valuation, and earnings expectations. The company merely reiterated its 2027 net profit target instead of raising mid‑term guidance, which underwhelmed investors who had hoped for a more ambitious outlook and stronger confirmation of growth momentum.

The current consensus for 2027 profits is notably higher than management’s own target, implying that further downward revisions are likely and could pressure the share price until expectations are better aligned. At the same time, the stock already trades at a premium to its historical valuation, while the 2026 guidance for revenue and net income sits below market forecasts, supporting a more neutral stance rather than a clear buy or sell recommendation.