This section summarizes the latest analyst opinions and rating changes on United Internet AG.
Buy, €22-> €27: CFRA expects United Internet’s CapEx pressure for 2025 to ease following the extension of the spectrum usage rights until 2030. It also sees United Internet as the “the next major communication services provider in Germany” through its 1&1 brand.
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Buy, €31: DZ Bank analyst Karsten Oblinger said United Internet shares have suffered due to problems with 1&1’s network and still reflects an excessively high conglomerate discount. He pointed out that 2025 will be a transitional year for 1&1 and that IONOS is forecasting record results and intends to continue growing.
https://www.finanzen.net/analyse/united_internet_kaufen-dz_bank_1025628
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Buy, €28.90→€33.40: UBS analyst Polo Tang said detailed analysis of 1&1 and IONOS drove his estimates for United Internet’s cash inflows. He pointed out that despite their price rally, the shares still priced in a negative values for the company’s core business-adjusted for the equity investments.
https://www.finanzen.net/analyse/united_internet_buy-ubs_ag_1026520
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Buy, €33.00->€35.10: UBS analyst Polo Tang said their latest analysis of quarterly analysis of mobile and broadband prices showed mixed trends, although the worst of the price war in the mobile sector appears to be over.
https://www.finanzen.net/analyse/united_internet_buy-ubs_ag_1050394
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Buy, €42 to €35: Berenberg analyst Gustav Froberg said United Internet’s discount has shrank to around 18% from around 47% due to the doubling of its share price and that of its subsidiary 1&1 last year. However, he added that United Internet shares remain promising.
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Oddo BHF upgraded IONOS shares to outperform citing agentic AI opportunities, dividend opportunity following debt reduction and the opportunity that disputes with the United States could benefit a European market player.
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UBS lowers United Internet’s price target by $3.3 due to AI concerns at IONOS, United Internet shares down 5%
Buy, €35.10->€31.80: UBS analyst Polo Tang said he lowered United Internet’s price target due to a revised assessment of IONOS. He pointed out that United Internet and 1&1 shares remain attractive.
UBS lowered IONOS’s price target from €40 to €28 and downgraded its rating from “Buy” to “Neutral” due to AI concerns. UBS pointed out that IONOS’s business trends are unlikely to to provide any encouragement to investors before the second quarter.
United Internet shares are down 5% today, probably due to the downgrade.
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Buy, €35: Berenberg analyst Gustav Froberg said United Internet’s retail and business customer segments are experiencing strong customer growth and no negative impacts from AI are apparent so far.
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Equal Weight, €25 ->€26: Barclays analyst Ganesha Nagesha adjusted the estimates to reflect Q4 results, adding the assessment remains unchanged.
https://www.finanzen.net/analyse/united_internet_equal_weight-barclays_capital_1070689
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United Internet: Equal Weight->Overweight, €27->€28
1&1: Equal Weight->Overweight, €20.50->€24.50
Barclays analyst Ganesha Nagesha sees gradual improvement in fundamentals and potential consolidation. Nagesha pointed out that 1&1 would be exceptionally well positioned if deals were to emerge in the sector.
Nagesha sees 1&1 and United Internet reaching €37 and €40 respectively, in the best case scenario.
He flagged that market consolidation in Germany is currently not priced into either stock.
He also said a Radio Access Network company structure has been flagged as an additional option, enabling 1&1 avoid €400 million-€500 million per year on its 5G network.
Nagesha pointed out that 1&1’s operational performance is stabilising and forecasts service revenue growth of 1% CAGR over 2025-28.
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Ionos shares rise 6.8% due to bullish rating from Bofa
Buy, €37: Bofa said Ionos offers “an attractive earnings compounding story” and projects revenue will growth at a compound annual rate of approximately 8% from 2025 to 2028 while adjusted EPS will compound at approximately 17% over the same period.
It derived the price target using DCF model assuming 1% long-term terminal growth, a 38% terminal EBITDA margin and a weighted average cost of capital of 8.8%. It also applied a 10% discount to the equity value to “capture heightened long-term uncertainty linked to AI.”
It pointed out that Ionos trades at a discount compared to peers.
Bofa believes “on balance Ionos will be a net beneficiary of AI disruption” because its exposure is “centred on SMB workflows where AI can expand, rather than replace, the value of its core products.”
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Buy, €31.80: UBS analyst Polo Tang said United Internet shares offer a more affordable way to participate in the performance of Ionos and 1&1.
https://www.finanzen.net/analyse/united_internet_buy-ubs_ag_1090981
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Neutral, €25.80: UBS analyst Polo Tang said 1&1 is on track to meet its annual targets. He pointed out that improved broadband trends are coinciding with weaker mobile trends.
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Buy: Kepler Cheureux analyst Florian Treisch said the past few months have shown that AI is not hurting Ionos’s business and that the company is likely to accelerate its growth trajectory. Treisch sees IONOS as a direct beneficiary of new AI solutions and views United Internet shares as attractively valued given the company’s earnings growth outlook. United Internet and Ionos shares subsequently gained 2.8% and 3.5% respectively in early afternoon trading.