Jefferies analyst Martin Comtesse maintained a Buy rating on Nagarro SE today and set a price target of €91.00.
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Martin Comtesse has given his Buy rating due to a combination of factors, notably Nagarro SE’s ability to deliver steady revenue growth in a challenging environment and to remain within its profitability guidance. Despite a slight sequential slowdown in 4Q25 and an adjusted EBITDA margin below the exceptional 3Q25 level, full-year 2025 results showed nearly €1bn in sales and margins broadly in line with the revised targets, with FX headwinds being the main drag rather than operational weakness.
Looking ahead, management’s 2026 outlook points to another year of moderate but healthy expansion, with sales guided modestly above 2025 and an improvement in adjusted EBITDA margins back toward the mid‑teens, only slightly under market expectations at the midpoint. This combination of resilient top‑line performance, margin recovery potential, and predominantly non-structural profit pressure supports the view that the current share price undervalues Nagarro’s earnings power, underpinning Comtesse’s Buy recommendation.
According to TipRanks, Comtesse is an analyst with an average return of -6.0% and a 35.92% success rate.