First Berlin Equity Research has published a research update on 2G Energy AG (ISIN: DE000A0HL8N9). Analyst Dr. Karsten von Blumenthal downgraded the stock to ADD but increased the price target from EUR 44.00 to EUR 73.00.

Abstract
A North American data centre order in the low three-digit MW range takes the 2G business to a new level. We estimate the order value at over $100 million. Deliveries are set to begin in H2/26; consequently, management anticipates 2026 revenue will land at the upper end of the guidance range of €440m to €490m. The company has narrowed its EBIT margin guidance range to between 9.5% and 10.5%. For 2027, 2G projects revenue in the range of €570m to €620m, accompanied by an EBIT margin exceeding 11%. We have raised our financial forecasts for 2026E and subsequent years. A revised DCF model yields a new price target of €73 (previously: €44). We downgrade our rating from Buy to Add, given that the share price has roughly doubled since our last publication and the remaining upside potential?at 8%?now falls significantly below our 25% threshold.