OHB Draws Fresh Bullish Calls From Two Brokers, Yet the Share Price Keeps Defying the Optimism

Two European brokerages have stepped in with bullish assessments of OHB SE within days of each other, even as the Bremen-based space and defence group’s shares languish near levels that suggest deep investor scepticism.

Oddo BHF initiated coverage in late August with an “Outperform” rating and a €290 price target, while Kepler Cheuvreux followed on 28 August with a “Buy” recommendation and a €260 target. Both figures sit far above Friday’s closing price of €186.00, implying that the analysts see substantial upside that the market is currently refusing to acknowledge.

The disconnect between the brokers’ confidence and the share price performance is stark. OHB’s stock has fallen 27% over the past 30 days, a slide that has erased a significant portion of what was once a spectacular rally. At its 52-week high of €688.00, reached on 21 May 2026, the shares have now retreated roughly 73% from that peak.

A Pipeline That Keeps Growing

The timing of the analyst endorsements is notable because OHB’s operational news flow has been anything but bleak. Just last Tuesday, the company signed a contract with SES valued at approximately €1 billion covering the development and production of 18 satellite platforms for IRIS², Europe’s secure communications constellation. The market’s response was muted — the shares gained just 1.6% following the announcement.

That pattern has become familiar. The PRISMA contract, awarded about a month ago, failed to arrest the decline, with the stock shedding 19.1% in the period since. Even OHB’s promotion to the SDAX index roughly three weeks ago backfired in market terms, with the shares losing 28.2% from the date of inclusion.

Kepler Cheuvreux frames OHB as one of the few listed vehicles offering pure-play exposure to Europe’s push to build out its own space and defence capabilities, reducing reliance on non-European providers. That strategic thesis has gained weight as IRIS² moves from planning into execution — the programme’s implementation phase officially began on 6 August, and the SES order represents its first major contract.

Should investors sell immediately? Or is it worth buying OHB SE?

Company chief executive Marco Fuchs has signalled, per Reuters, that further orders should follow as the European satellite network expands. The first IRIS² satellites are scheduled to launch in 2029, a timeline that demands patience from investors accustomed to faster gratification.

Profit-Taking After a Monster Run

The explanation for the divergence between fundamentals and share price may lie partly in what came before. Over the past twelve months, OHB shares have still gained 174%, and they remain up 59% year-to-date. After such a surge, a meaningful cohort of investors appears to be locking in gains whenever liquidity allows, regardless of how encouraging the operational headlines might be.

Technical indicators paint a picture of a stock firmly in correction territory. The relative strength index stands at 35.2, approaching oversold conditions, while the shares trade 23% below their 50-day moving average of €241.52 and 28% beneath the 200-day average. Annualised volatility over the past month has reached 77%, underscoring just how turbulent trading in the name has become.

The Next Test Arrives in November

Both brokerages appear willing to look through the near-term noise. Oddo BHF’s €290 target implies the fundamental picture remains intact despite the recent weakness, while Kepler Cheuvreux’s €260 objective suggests similar conviction in the company’s strategic positioning.

The next meaningful catalyst comes on 12 November, when OHB reports third-quarter results. That will offer the first opportunity to assess whether the billion-euro contract wins of recent weeks are translating into revenue and margin improvements — and whether either of the new bullish voices on the stock will ultimately be vindicated.