Deutsche Bank stays bullish on Umicore, expects strong H1 performance

Umicore SA

07/05/2026 10:52

** Deutsche Bank keeps a bullish stance on Umicore UMI.BR post the Belgian materials group's guidance upgrade, and lifts target price to EUR 22.30 from EUR 17.20

** DB forecasts Umicore's 2026 EBITDA at EUR 990 million, 12% above the consensus prior to the update, marking a 17% increase year-on-year

** "Our H1 forecast is 519 million euros ... so we expect a strong H1 weighing," it says

** DB anticipates a particularly strong contribution from Specialty Materials

** Shares in Umicore rise around 4.3% on Thursday, further extending gains from last week when they surged 14% after the group hiked its guidance

** Until Wednesday's close, the stock was up 16% YTD, benefiting from higher precious metal prices, particularly gold

** Out of 17 analysts that cover Umicore, nine rate the stock "strong buy" or "buy,"​ six rate it "hold" and two​ rate the stock "strong sell" or "sell" - LSEG data

 (Reporting by Zakarya Meliani)

 ((zakarya.meliani@thomsonreuters.com))