First Berlin Equity Research has published a research update on Deutsche Rohstoff AG (ISIN: DE000A0XYG76). Analyst Simon Scholes reiterated his BUY rating and increased the price target from EUR 125.00 to EUR 135.00.

Abstract
DRAG has raised its 2026 guidance on the basis of a renewed surge in the oil price. New revenue guidance of €340m-€360m is 12.9% above the previous base case range of €300m-€320m while EBITDA guidance is now €420m-€440m–a 10.2% increase on the previous base case of €380m-€400m. The new guidance assumes an average WTI oil price of USD95/barrel for November and December 2026 and USD88/barrel for the full year. DRAG’s previous 2026 base case guidance was based on USD75/barrel. Our forecasts and price target are based on the current oil, gas and natural gas liquids futures curves. At nearly USD101 the average level of the Q4/26 oil futures curve is 18.2% higher than at the time of our most recent note of 26 August. The corresponding figure for FY/27 is 18.8% higher at USD89.69. We have raised our price target to €135 (previously: €125) and maintain our Buy recommendation (upside: 50%).