Deutsche Telekom: A SpaceX Tower Report, a Trimmed Barclays Target and a Satellite Bid Still on the Drawing Board
Published on 10/24/2026 at 11:01 | Editorial boerse-global.de
Deutsche Telekom shares fell 3.7% in the previous session, dragged down by the ripple effect of a Bloomberg report that SpaceX is negotiating access to US mobile sites. Because the Bonn-based group holds more than 50% of T-Mobile US, the story lands squarely on its own equity — even though no operating announcement came from Deutsche Telekom itself.
Reuters reported that SpaceX is in talks over access to at least 80,000 mobile sites for a fourth US wireless network. That distinction matters. The report describes a potential additional competitor, not a network that has been built, and the share-price reaction reflects concern about the future competitive landscape rather than any reported loss of business at the German carrier.
Two Notes, Two Kinds of Risk
Barclays cut its price target on Tuesday from EUR 35 to EUR 32 while keeping its "Overweight" rating. A lower target and a positive recommendation can sit side by side, and the split is what investors should focus on: the target marks a more cautious valuation, the rating a still-constructive view. Barclays flagged satellite-based offerings and AI systems as risks for the telecom sector.
Bernstein had taken a different tack. On 16 October, analyst Ulrich Rathe left Deutsche Telekom at "Market-Perform" with a target of EUR 28.10, pointing to potentially higher refinancing costs and valuation pressure from rising bond yields. His warning concerns financing and valuation; the SpaceX report concerns the competitive field. Neither note amounts to a clean read on the US tower story, and no single analyst verdict can be derived from it.
Should investors sell immediately? Or is it worth buying Deutsche Telekom?
Buyback Running, Satellite Bid Under Review
Meanwhile the company's share buyback programme continues. In the week through 16 October, Deutsche Telekom repurchased 6,707,740 of its own shares — evidence of an ongoing capital return, though no answer to the question of future competitive pressure.
On the satellite front, the group is exploring its own options. On Monday it signed a letter of intent with Orange, Telefónica and Vodafone to examine a possible joint bid for frequencies for Mobile Satellite Services to be awarded in Europe. According to a report by Cinco Días, the initiative targets satellite connections direct to mobile phones and is meant to counter Starlink's growing market position.
A letter of intent is not a submitted bid, let alone a launched service. Investors therefore have to keep two developments apart: possible new competitive pressure in the US and the review of a European cooperation.
Deutsche Telekom at a turning point? This analysis reveals what investors need to know now.
The Next Confirmed Catalyst
Deutsche Telekom publishes its third-quarter 2026 results on 5 November. Those figures offer the next confirmed occasion to judge operating performance alongside the competitive worries. Until then, the price pressure rests mainly on a shift in risk perception. The satellite initiative provides a strategic counterweight, but no proof yet that the company can offset possible additional competition in economic terms.
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