United Internet stock: Berenberg keeps Buy rating and 35-euro target

Berenberg kept its Buy rating on United Internet on Wednesday, November 4, 2026, and retained a price target of 35 euros. The assessment was reported by finanzen.ch, citing analyst Gustav Froberg.

Froberg argued that United Internet shares had not received the appreciation the analyst considered warranted during 2026. Berenberg therefore sees an attractive entry point, with the market potentially undervaluing United Internet's stake in IONOS and overestimating the cost of acquiring the remaining 1&1 shares.

Capital allocation remains central

The analyst view follows United Internet's October 5 announcement on a capital increase at 1&1. According to the company's investor relations page, United Internet will contribute a loan receivable of 850,237,942.45 euros from 1&1 Versatel GmbH and receive 35,352,929 new 1&1 shares at a calculated issue price of 24.05 euros per share.

The transaction is intended to lift United Internet's holding in 1&1 to approximately 89.32 percent. The company said the contribution would strengthen 1&1's capital structure and financial flexibility while simplifying the group's internal financing structure. United Internet also said the contribution would not require an additional cash outflow.

Next test comes with third-quarter results

Investors will next assess the group's operating momentum and investment requirements when United Internet publishes its third-quarter results on November 12, 2026. The report will provide a fresh reference point for the telecom business, the IONOS stake and the financial effects of the group's capital allocation decisions.

The real-time quote of United Internet stock traded at 24.78 euros on Lang & Schwarz at 11:43 CET on Wednesday, November 4, 2.40 percent above the Xetra close of Tuesday, November 3.

The broader German market can be followed in current market reports.

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