DB ups Amadeus to 'buy' as AI risks view seems 'too harsh'

Amadeus IT

16/09/2026 09:44

** The market is mispricing the risks AI poses to Amadeus AMA.MC, Deutsche Bank says as it upgrades the Spanish travel tech firm Amadeus to "buy" from "hold"
** The view that AI agents will pressure volumes is "too hard" as supplier connectivity and fulfillment are still needed, the broker says
** "Investors are extrapolating too quickly from front-end disruption to full-stack earnings pressure", DB says
** Even in a severe downside scenario, the brokerage estimates only a 5% impact on 2028 EPS, which does not represent an "earnings cliff"
** DB points to Amadeus's business model and the potential for higher AI-driven search intensity to create additional opportunities over time
** The brokerage raises its PT by 23% to €71.50 due to Amadeus' superior cash generation and stronger mid-term growth profile compared to peers
** The stock has dropped by 12.9% YTD
** Out of 28 analysts, 20 rate Amadeus "strong buy" or "buy", three "hold" and three "strong sell" or "sell" -- LSEG data
     

(Reporting by Javi West Larrañaga)
((javier.west@thomsonreuters.com; +34 918 35 61 12))