First Berlin Equity Research has published a research update on Knaus Tabbert AG (ISIN: DE000A2YN504). Analyst Ellis Acklin reiterated his BUY rating and decreased the price target from EUR 22.00 to EUR 20.00.

Abstract
We recently conducted fieldwork at two RV dealers in the Berlin exurbs to take the pulse of the market and followed up with Knaus Tabbert’s CFO for management read-across. The picture is mixed but broadly reassuring. Dealer inventories have indeed largely normalised and production has been recalibrated, while genuine buyer interest remains intact. The main gating factor has shifted to slower customer conversion amid weak economic confidence, higher fuel costs, and geopolitical uncertainty. KTA brass continue to expect earnings to rely more on internal measures than a strong demand rebound, but believe the cost reset has left the RV maker better placed to absorb a soft market. Overall, our checks reinforce our view that 2026 FBe is well aligned with the current market. We remain Buy-rated on KTA, while our TP moves from €22 to €20 (111% upside) after adjusting our DCF model for the higher interest rate environment.