Original-Research: Intershop Communications AG (von Quirin Privatbank Kapitalmarktgeschäft): Buy

Classification of Quirin Privatbank Kapitalmarktgeschäft to Intershop Communications AG

Company Name:	Intershop Communications AG
ISIN:	DE000A254211
Reason for the research:	Update
Recommendation:	Buy
from:	22.10.2026
Target price:	2
Last rating change:
Analyst:	Sebastian Droste

Cloud momentum and cost discipline support upside
On October 21, 2026, Intershop released its 9M financial results and confirmed its FY 2026 guidance. Revenues declined by 7.1% yoy, but exceeded our expectation by 2.3%. Reasons were falling license revenues, customer churn and subdued investment activity. Cloud growth could not offset these declines, although strong cloud orders, improving net new ARR and growing AI revenues indicate some recovery. The EBIT margin improved from -5.6% to 0.9%, exceeding our slightly negative estimate, mainly driven by cost reductions and improved service profitability. Operating cash flow also strengthened. Management confirmed its outlook for a smaller revenue decline than in FY 2025 and balanced EBIT, in line with our expectations. In our view, the improved cost base and growing AI business support the investment case, while churn and weak customer spending remain risks. We raise our target price to EUR 2 (previously EUR 1.9) and confirm our Buy recommendation.
 
You can download the research here: INTERSHOP_COMMUNICATIONS_AG_20261022
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