Stifel downgrades Theon to 'hold' after shares rally

Theon International

22/09/2025 09:31

** Stifel downgrades Greek night vision systems maker Theon International THEON.AS to "hold" from "buy", citing limited upside after a strong stock rally

** Until Friday's close, Theon's shares gained about 128.5% YTD; at 28.7 euros, they trade about 186.3% above their debut price last year

** The brokerage raises its price target by over 50% to EUR 30 following recent acquisitions and models a 17% EBIT CAGR through 2030

** Stifel notes that while M&A should support a robust valuation, "we need more", as current multiples already reflect strong growth prospects and acquisition premiums

** Risks for the firm include client and product concentration, a highly seasonal order book, and execution risks tied to its M&A strategy

** The broker sees the upcoming Capital Markets Day and Q4 order intake as the next key catalysts for the stock

** Out of eight analysts covering Theon International, five rate it "strong buy"/"buy,"​ two "hold" and one rates it "sell" - LSEG data

(Reporting by Clement Martinot)

((Clement.Martinot@thomsonreuters.com;))