JPMorgan and other analysts adjust ratings for German stocks

Swiss bank UBS kept its rating on Siemens Healthineers at "Neutral" with a target price of €38, noting new software‑focused competitors. JPMorgan maintained its "Overweight" rating on Aixtron with a €70 target, citing strong optoelectronics demand and growing Asian orders. The same bank left Schaeffler at "Neutral" and set a €10 target, highlighting price stabilization in automotive markets and a focus on humanoid‑application components. JPMorgan also reaffirmed its "Overweight" stance on Deutsche Telekom with a €40 target, pointing to robust performance of its U.S. subsidiary T‑Mobile and ongoing share‑buybacks. Jefferies kept RWE at "Buy" with a €68 target, adding the utility to its “Franchise Picks” list amid expectations of increased energy demand from AI. A market note listed additional rating moves, such as UBS raising Traton to "Buy" at €39, Jefferies lifting Fraport to "Overweight" with an €82 target, and Goldman Sachs upgrading Lufthansa and other equities. These analyst actions collectively shape investor expectations for a range of German-listed companies.