Bernstein cuts Deutsche Telekom to 'market perform' after T-Mobile merger reports

Deutsche Telekom AG

25/09/2026 10:20

** Bernstein downgrades Deutsche Telekom DTEGn.DE to "market perform" from "outperform", after reports of a potential merger between the German telecoms operator and T-Mobile US TMUS.O 
** Broker says its view on Deutsche Telekom is also influenced by its US analysts' "market perform" rating on T-Mobile 
** It adds that competition in Germany's fixed-line market could weigh on the company
** Bernstein says it is cautious on the European telecom sector and prefers operators focused on their core connectivity businesses
** Broker lowers PT on Deutsche Telekom to €28.1 from €37 
** Out of 21 analysts that cover Deutsche Telekom, 20 rate the stock "strong buy" or "buy", and one analyst rates "hold" - LSEG data

 (Reporting by Aleksandra Kret in Gdansk)
 ((aleksandra.kret@thomsonreuters.com))