First Berlin Equity Research has published a research update on Enapter AG (ISIN: DE000A255G02). Analyst Dr. Karsten von Blumenthal upgraded the stock to BUY and increased the price target from EUR 2.10 to EUR 2.30.

Abstract
Enapter has approved the issue of new capital of €12m and secured its full placement with institutional anchor shareholders. We therefore consider the company to be fully financed for 2026. The funds will be used to deliver the order backlog (mid-September 2025: €45m). Management plans to reach operational break-even as early as 2026. We interpret the fact that management was able to convince two anchor shareholders to subscribe to the capital increase as a very encouraging sign that 2026 will be a successful year with strong growth and a significant improvement in earnings. Our revised DCF model yields a new price target of €2.30 (previously: €2.10). We upgrade our rating from Add to Buy, as the upside is now 46%.