Kone upgraded on TK Elevator merger, shares react to Kepler Cheuvreux call

By Anna Wagner, Analysts & Consensus desk. Reviewed prior to publication on 2026-06-23, 16:42.

Kone (FI0009013403) is back in focus after Kepler Cheuvreux upgraded the Finnish elevator group from Hold to Buy and lifted its target price to 68 euros per share, with the shares trading on Xetra in the low-50 euro range as investors digest the TK Elevator merger story. Kepler Cheuvreux upgrade summary on Investing.com

What Kepler Cheuvreux changed

Kepler Cheuvreux’s latest note moves Kone to Buy from Hold and raises the target price to 68 euros, up from 58 euros, based on a three-stage discounted cash flow model that points to an average fair value of 68.4 euros per share. Analyst report details from Investing.com

The broker argues that the strategic rationale for the planned merger with TK Elevator remains intact, estimating roughly 11.4 euros per Kone share of merger-driven value creation and still deriving a DCF fair value of 67.6 euros even under a worst-case remedies scenario. Kepler Cheuvreux valuation assumptions

Tuesday’s analyst consensus picture

The Kepler move slots into a broader consensus that remains cautious but constructive on Kone, with several houses previously sitting at Hold and consensus fair value clustered in the high-50 to mid-60 euro range for the Helsinki-listed shares. Finanzen100 consensus snapshot for Kone

On the secondary OTC listing in the US, Kone’s KNYJY shares most recently changed hands at 28.13 dollars on June 22, implying a market capitalization of around 25.5 billion dollars and a trailing price-earnings ratio of 25.8, a level that already prices in steady mid-term growth but leaves room for upside if merger synergies materialize. MarketBeat data on Kone’s US-traded shares

The business behind the merger story

At the core of the analyst debate sits Kone’s plan to merge with Germany-based TK Elevator, a transaction valued at roughly 29.4 billion euros in cash and shares that would create one of the largest global players in elevators, escalators and automatic doors. Lift Journal coverage of the Kone-TK Elevator merger

According to the April 2026 joint press release, the deal is subject to regulatory approvals and Kone shareholder approval, with completion expected at the earliest in the second quarter of 2027, suggesting a multi-year integration and synergy realization horizon that analysts have started to model explicitly. Merger timeline as outlined in the press release

Where the Kone shares trade today

The Kone shares (FI0009013403) most recently traded on Xetra at around 50.24 euros in late June, with the intraday range stretching from roughly 48.97 euros to 50.26 euros and the price sitting noticeably below the 68-euro level now set by Kepler Cheuvreux. Xetra price data for Kone The same level is reflected in recent OTC trading in New York via the KNYJY line, providing an additional reference point for international investors.

Disclaimer: This text is for informational purposes only and does not constitute investment advice, a recommendation to buy or sell securities, or a solicitation of any kind. Figures, prices and dates are based on sources cited in the article and may change over time.