Alstom Shares Rebound to €17.58 Despite Deutsche Bank's Lowered Target

Deutsche Bank Trims Price Target to €20, Shifts to Hold

On May 14, Deutsche Bank lowered its price target on Alstom shares from €23 to €20, changing its recommendation to hold. The new target represents a potential upside of about 14% from the current price of €17.58. This revision follows the publication of the 2025/26 accounts, which showed €27.6 billion in order intake (up 39%), but an adjusted operating margin of 6.1% compared to 6.4% a year earlier. The group aims to return to a medium-term margin of 8 to 10%. Based on the consensus of analysts (updated May 8, 2026), the stock is trading at about 11.0 times the expected earnings for the current fiscal year and 9.5 times those of the next fiscal year, against a sector average of 18.1 times for industrials. Earnings per share growth is expected at +16.5% year-over-year.

Stock Reaches Back to Its 20-Day Moving Average Amid Selling Pressure

Alstom is up 2.42% at €17.58 during the session and has reached back to its 20-day moving average (€17.54), after falling below this threshold for several sessions. The 34 RSI reflects the selling pressure that has been exerted in recent weeks, with the stock down 38.73% over three months. The 50-day and 200-day moving averages, at €21.49 and €22.98 respectively, remain well above the current price and confirm the medium-term downward trend. According to reviewed statements, the cumulative net short positions reach 3.47% of the capital, declared by five funds, up by 0.78 points over thirty days. The main short sellers are Kintbury Capital (1.01%), AKO Capital (0.79%), and D. E. Shaw (0.59%). The next event on the calendar is the general meeting of shareholders, scheduled for July 9, 2026.