'Finely balanced' recovery outlook - JPM starts Bechtle at 'neutral'

Bechtle AG

07/09/2026 07:31

** J.P. Morgan initiates coverage of German IT services provider Bechtle BC8G.DE with a "neutral" rating, saying expectations for a cyclical recovery in earnings growth look finely balanced
** The broker says Bechtle's hardware and workplace-centric offering, along with a quality vendor partnership portfolio, positions it well for a recovery in continental European mid-market and public sector spending
** JPM says improvements in the fiscal backdrop in key markets could further support earnings growth, noting Germany accounts for 69% of Bechtle's FY25 EBIT
** JPM does not expect a major uplift to financial targets at Bechtle's upcoming September capital markets day
** It says it is broadly in line with consensus earnings estimates,
** Its PT €38 implies a modest upside, it says

(Reporting by Basile Day)
((Basile.Day@thomsonreuters.com))